Yesterday, MasterCard reinforced its efforts to drive greater inclusion and empowerment through two separate commitments during the closing plenary of the Clinton Global Initiative.
These commitments follow a recent pledge made at the UN Women Business and Philanthropy Leader’s Forum to close the funding gaps that will deliver greater gender equality.
Global Coalition Supporting LGBT Business Case
The company joined with 13 other leading firms to launch Open for Business, an informal global coalition focused on supporting LGBT inclusion.
Open For Business was created to make and promote a positive business and economic case for global LGBT rights. To support that effort, the coalition published a report that shows successful businesses thrive in open, diverse and inclusive societies. The report also assesses the risks faced by global companies operating in countries with anti-LGBT legislation.
In the announcement, Tim Murphy, general counsel and chief franchise officer, noted “Diversity cannot be a ‘nice-to-have.’ It is a foundational element to create a welcoming and inclusive environment for all our employees, regardless of sexual orientation, gender, race, age or religion. Embracing and respecting different experiences and perspectives is what helps us ensure we’re developing products and making decisions that are most valuable to our customers and cardholders.”
Driving Greater Empowerment of Women
During the same session, MasterCard and Tata Communications announced plans to financially empower 25,000 women in the developing world, part of a larger vision to ultimately reach 100 million women. The effort will enlist the support of additional partners.
The importance of this effort is seen in research that has shown that by empowering women financially, living standard of the entire household increases.
“Two billion adults globally, the majority of them women, still don’t have a safe and easy way to receive, store and use their money, said Walt Macnee, vice chairman of MasterCard. “We see an opportunity and responsibility to empower women with access to and control over their finances through digital financial tools – important steps toward poverty alleviation, equality and economic prosperity.”
Initially starting with pilots in India, Nigeria, Indonesia and Guatemala, there are plans to expand this effort to reach 100 million women by 2020.
Updates on both programs will be shared on the Engagement Bureau in the months to come.