Can public-private partnerships solve the global crisis of two billion unbanked people?
In short: Mastercard CEO Ajay Banga explains why financial inclusion is essential for global economic recovery. He discusses how to bridge the digital divide for the two billion people currently lacking access to basic financial services, identity verification, and credit.
Approximately two billion individuals globally remain excluded from the formal financial system, lacking access to essential tools such as insurance, investment, and credit. Many of these people also face the fundamental hurdle of being unable to formally prove their identity.
Ajay Banga argues that innovative collaborations between the public and private sectors are necessary to integrate these populations into the digital economy. He emphasizes that achieving this level of financial inclusion is a critical component for effective recovery from the COVID-19 pandemic.
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Sources
- Summary by Intellect · source: Financial inclusion, the digital divide and other thoughts on the future of money | Ajay Banga
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