TED Talks Daily Financial inclusion, the digital divide and other thoughts on the future of money | Ajay Banga
Dec 17, 2020
Ajay Banga, CEO of Mastercard, is on a mission to tackle financial exclusion, highlighting that around two billion people lack access to banking services. He dives into how public-private partnerships can bridge this gap, especially in a post-COVID world, where marginalized communities are most affected. Banga discusses the shift towards a cashless future and emphasizes the importance of technological solutions that prioritize accessibility and privacy. His insights pave the way for understanding the vital interplay between finance and global equity.
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Financial Inclusion: A Global Issue
- Financial exclusion is a significant global issue, affecting around 2 billion people worldwide.
- These individuals lack access to basic financial services, formal identities, and a voice in societal matters.
Digital Transformation for Farmers
- Imagine farmers traveling long distances to sell produce, carrying cash, which makes them vulnerable.
- Connecting them digitally to markets, information, and financial services can be transformative.
Empowering Small Businesses through Digitization
- Consider women running small shops in villages, often limited by cash and lack of credit access.
- Digitizing their supply chain and providing credit based on transaction history can empower them.