Why is Mastercard Labs for Financial Inclusion important?
With two billion adults living without access to mainstream financial tools and services, there is an urgent need to speed up the creation of commercially viable products and services for this audience on a global scale.
Why is Mastercard Labs for Financial Inclusion located in Africa?
We believe that this region represents some of the most successful countries in terms of implementation and reach of digital financial services. While the lab is based in Kenya, we anticipate that it will have both a regional and a global impact.
How much money is the Gates Foundation contributing and how will it be used?
Through an $11 million grant over three years from the Bill & Melinda Gates Foundation, the Lab will generate new ideas with local entrepreneurs, governments and other stakeholders across Africa, and rapidly move from concept to reality.
What is the Labs proven innovation methodology?
We have implemented a focused, practiced and proven process that includes broad ideation as well as technical and business evaluation leading to prototyping and pilot execution and finally execution. At ever step, we combine Mastercard best practices gained from operating in the payments arena for nearly 50 years with leading-edge technologies.