Mastercard is committing $500 million toward a series of initiatives meant to increase financial inclusion among Black communities and close the racial wealth and opportunity gap in the U.S., the digital payments giant announced today.
Mastercard’s investment, to be made over a five-year period, will be spread across an array of programs designed to help financially underserved Black communities more easily access financial products, services, and support.
Among its efforts, the company will work with seven cities across the country (Atlanta, Birmingham, Dayton, Los Angeles, New Orleans, New York, and St. Louis) to help them more easily distribute financial aid and resources to Black communities. Mastercard will also look to make digital financial products more affordable and accessible to underbanked Black customers, and will team with community development financial institutions (CDFIs) to increase capital flow to Black business owners.
The commitment sees the company respond to a social climate that—in … Read More