Mastercard: How To Spark a Revolution in Inclusion

NORTHAMPTON, MA / ACCESSWIRE / April 26, 2024 / Mastercard

Foto: Accesswire

By Vicki HymanPhilanthropist Melinda French Gates, right, spoke with Rosario Dawson, an actor and activist for gender equality, left, and Fatoumata Bâ, center, the founder and executive chair of Janngo Capital, about how to close the $160 trillion women's wealth gap. (Photo credit: Rebecca Abraham)

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Smart people and smart ideas are a dime a dozen, U.S. Commerce Secretary Gina Raimondo told an audience of, well, smart people with smart ideas in Washington, D.C., last week. These were CEOs and government ministers, university presidents and United Nations officials, philanthropists and development bank leaders, data scientists, renowned athletes and faith-based changemakers, all of them gathered for the annual Global Inclusive Growth Summit.

"A brilliant policy paper, a zillion people could write," she continued. "Actually making it happen? Operationally? That's tough stuff."

Figuring out how to empower billions of people to harness the power of the digital economy is tough stuff, but the people at last week's summit, hosted by the Mastercard Center for Inclusive Growth, had no shortage of tangible plans to turn their ideas into reality. That included ways to forge stronger public-private partnerships to speed and scale impact, reform global financial systems to relieve debt and innovate the delivery of capital, particularly to women entrepreneurs, and expand access to information and technology, notably artificial intelligence.

"You could use your phone or use you card to go spend your money on groceries, to go spend your money on the things that you need for your family," said Shamina Singh, who founded the Center, which is celebrating its 10th anniversary this year. "It sounds easy for us. But it is revolutionary for somebody who is living in a place that does not have access to internet, does not have access to a bank account."

The sessions included personal stories, including music icon Elton John's AIDS work and soccer star Megan Rapinoe's activism, to impassioned calls to change the way we approach technology and opportunity. "We have to make it clear to folks that they're not just leaving money on the table, they're leaving progress on the table," said self-described "actrivist" Rosario Dawson.

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Women can be - and already are - agents of change for inclusive growth.

Chetna Sinha recounted her work to build a bank with rural women who were making less than $1 a day but wanted to save. Their banking license request was rejected because the women couldn't write, and therefore couldn't sign the application. So they applied again, issuing a challenge to the Reserve Bank of India: They couldn't read or write, they said, but they could count. They would calculate the interest on a principal amount faster than their officers could without a calculator.

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