Mastercard is pledging $500 million over the next five years to expand financial inclusion for Black individuals and businesses. Through three interconnected initiatives, and with the help of various partners, the financial services company aims to deliver tools and resources to allow many long-excluded African Americans to access affordable financial services and build prosperity.
It’s not new territory for the company; Mastercard has just completed a goal of bringing 500 million unbanked and underbanked people into the financial system. But this new initiative will directly target members of the Black community, who have been hit particularly hard by the pandemic. The Federal Reserve Bank of New York found that Black businesses have had a 41% closure rate—versus 17% for white businesses. Even in ordinary times, the median wealth of Black families is a tenth of that of white families.
“We’ve done a lot of research, we know the