Ajay Banga, CEO of MasterCard Worldwide, sat down with Michael Schlein, CEO of Accion, for an electronic fireside chat. Ajay stated his views: “Inclusive growth is the only way for society to advance,” and “We need to get inclusive growth wired into our country development.” He explained MasterCard’s contributions to inclusive growth. For example, MasterCard connects now-excluded people to the broader society by working with governments and other organizations to create electronic benefit and bill payment access for millions. “Cash does not allow you to build an identity or access loans, membership in schools, etc. Cash is the friend of the rich man; cash is the enemy of the poor man.”
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MasterCard CEO Ajay Banga Discusses New Business Models
GDP growth in the bottom 40 percent of national populations will mean that by the end of the decade, annual income of this group will have nearly doubled--from $3.1 trillion to $5.8 trillion.
GDP Income Growth Accruing to the Bottom 40 Percent
Mapping the Invisible Market
By 2020, falling birthrates and higher life expectancy will mean a larger working age population in less developed regions. Demographic shifts such as these mean different needs for clients.
$5.8 trillion
$3.1 trillion