MC Laps for financial Inclusion
The seventh in a series of MasterCard Innovation Hubs, MasterCard Labs for Financial Inclusion is the first Lab in Africa and the first to focus exclusively on financial inclusion.
With the support of the Bill and Melinda Gates Foundation, the Lab seeks to impact more than 100 million people by bringing together MasterCard's innovation and global financial inclusion capabilities under one roof, combining these with local expertise and insight.
MasterCard Labs for Financial Inclusion is part of MasterCard's broader commitment to connect 500 million people previously excluded from formal financial services through the use of public-private partnerships with governments, the private sector and non-governmental organizations. We strongly believe that together we can improve access to and use of formal financial services, which will ultimately deliver more inclusive growth and empower people.
What we do
We do not simply repurpose products off the shelf. Instead, we take MasterCard's proven innovation process and work hand-in-hand with people on the ground. This allows us to learn quickly and, ultimately, to create new products and services that fufil an unmet need.
Put simply, we are focused on one of the most pressing global issues today, which is also an integral part of MasterCard's business objectives: connecting the two billion adults currently without access to formal financial services.
Scaling solutions
We will prototype to ideas, incubate selected ideas and scale proven solutions across Africa and other emerging markets. And if a partner already has a concept that simply needs scale, we will leverage our innovation processes, brand and network to achieve results.
Working with cross-sector partners
We work with partners across sectors: NGOs; foundations; trusts; financial institutions; academic institutions, technology companies; mobile network operators; government ministries and institutions; research organizations and start-ups.
Taking a partnership approach, we generate ideas and address challenges and opportunities in agriculture, education, health, trade and entrepreneurship, energy, water, sanitation and habitat. Depending on the innovation, we may work with one partner or multiple partners.