Mastercard, a renowned multinational corporation, is devising strategies to bolster small to medium-sized enterprises (SMEs), typically caught in the “missing middle” financial gap. Recognizing SMEs’ significant role in the economy, Mastercard’s endeavor is to roll out initiatives such as affordable credit options and financial aid programs, to uplift these businesses.
By preserving a robust local presence, Mastercard aims to resolve this troubling funding gap and stimulate regional economies. Their committed involvement could be the catalyst needed for these economies to thrive, leading to a resilient global network.
Contrary to popular opinion, Mastercard isn’t a credit card issuer. Instead, its prime focus is on payment processing. Its mission revolves around financial inclusion, spearheaded by Shamina Singh, the company’s Executive Vice President of Sustainability. Mastercard’s promise to build a sustainable fiscal ecosystem goes beyond their corporate offices.
Illustrating their commitment is Mastercard’s ‘Center for Inclusive Growth.’ Under Shamina Singh’s guidance, this center is dedicated to promoting equitable and sustainable economic growth globally.
Mastercard’s initiatives assisting SMEs growth
Despite its towering presence, Mastercard understands its role as a responsible corporate entity that contributes significantly to societal well-being and the world economy.
The company remains dedicated to making advanced financial tools accessible to every societal layer, especially the underprivileged. Implementing advanced technology presents an opportunity to uplift small businesses and bridge the gap between traditional banking and the digital economy. Particularly, towards encouraging financial freedom for all entities, regardless of size.
In line with this vision, Mastercard introduced ‘Strive,’ an initiative focused on assisting small enterprises to transition to a digitized economy and tackle pandemic-induced challenges. ‘Strive’ offers customized digital solutions, from online payments to digital marketing, easing the companies’ transition into the digital realm.
The necessity for ‘Strive’ arises from the rapid digitalization necessitated by pandemic-induced lockdowns. However, not all SMEs have been able to adapt, underlining the relevance of initiatives like ‘Strive.’ Their provision of resources and training helps SMEs evolve and adapt to the digitized economy, bridging the digital gap and ensuring they stay afloat in a rapidly digitizing world.
To conclude, the ongoing efforts to equip worldwide small businesses with essential resources are making strides towards a thriving ‘middle’ sector. It’s not just an investment in individual enterprises, but a strategic move towards innovation, resilience, and sustainability. This development not only boosts economic growth but opens doors to diverse and innovative solutions to various challenges.
