HBR IdeaCast CEO Series: Mastercard’s Ajay Banga on Promoting Financial Inclusion
May 13, 2021
Ajay Banga, the former CEO and current executive chairman of Mastercard, is celebrated for his innovative approach to financial inclusion. He discusses the challenges faced by 2 billion unbanked individuals and how technology can bridge that gap. Banga shares insights on creating a supportive corporate culture and the importance of diversity in talent management. He emphasizes that corporate responsibility is evolving, advocating for accountability and measurable progress. Additionally, he highlights the urgent need for robust cybersecurity in today’s digital landscape.
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Financial Inclusion
- Ajay Banga prioritized financial inclusion to address the large percentage of cash transactions.
- This approach targeted the unbanked population and aimed to convert cash users to digital transactions.
Ambitious Goals
- Banga set a goal to serve 500 million unbanked people by 2020 in a public meeting with global institutions.
- This ambitious goal was later increased to 1 billion by 2025, including micro-SMEs and women entrepreneurs.
Technological Investments
- Mastercard invested in technology like biometric cards, mobile terminals, and cloud-based accounts.
- This aimed to lower costs and broaden access to financial services for the unbanked.