Mastercard Commits $500M to Close Racial Wealth Gap For Black Americans and Entrepreneurs
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Mastercard Commits $500M to Close Racial Wealth Gap For Black Americans and Entrepreneurs

Global finance giant Mastercard is furthering its long-standing inclusion efforts to Black Americans across the country with another financial commitment.

Last week, the company announced a $500 million investment in Black communities over the next five years that includes products, services, technology and financial support, as well as an increase in concentrated investments that will provide Black-owned businesses and consumers access to affordable finance tools and capital, a press release reports.

“This is a time for action. We have an obligation as a corporate citizen to ensure the digital economy is enabled for all, an obligation to be part of the positive change Black communities so rightly need now,” said Ajay Banga, Chief Executive Officer at Mastercard, in a statement. “We are starting in cities across the country with on-the-ground efforts meant to drive out inequities and create the opportunities, connections and resources that will spark economic growth for the long term.”

This company’s new commitment is designed to foster inclusion and assist Black Americans and entrepreneurs who are constantly excluded from the financial mainstream as well as funding opportunities.

To accomplish this, Mastercard plans to center its initiative around three key areas: expanding city programs to support Black communities, affordable financial tools and services, and capital and resources for Black-owned businesses, a news release states.

Mastercard’s recent pledge builds upon the company’s continued efforts to drive financial inclusion across the globe, which includes changing the dialogue around the racial wealth gap that exists in Black communities.

“We’ve been focused on driving financial inclusion around the world for more than a decade – it’s core to who we are as a company and how we think about our role in society,” Mike Froman — vice chairman & president, Strategic Growth for Mastercard — told Black Enterprise.

“However, the racial injustice that has come to fore over the past few months, reflecting centuries of structural inequities, has provided an additional focus to that work and mobilized broad-based engagement by our employees and leadership,” he added.

He concluded his point saying “We want to bring the same strategic approach to this issue as we have to financial inclusion—combining our products and services, technology and people, philanthropy, and thought leadership. We will be addressing the wealth and opportunity gap faced by Black families and Black-owned businesses, including by providing access to safe and affordable financial services and capital to start and run a business.”

For more information on Mastercard’s inclusion efforts, click here.