Mastercard is working with the city of New Orleans to launch a card programme designed to boost financial inclusion and provide better access to services.
Unveiled by Mayor LaToya Cantrell, the Crescent City Card programme sees Mastercard work with the city and Mobility Capital Finance (MoCaFi) on a series of initiatives that hope to empower the underbanked.
A Hurricane Ida emergency relief programme has already seen $190,000 distributed to residents through an Immediate Response Card furnished by MoCaFi, which acts as a prepaid bank card for quick and easy use.
Through a $500,000 grant from Mayors For A Guaranteed Income, 125 youth will participate in the New Orleans guaranteed income programme beginning in December, and will receive $350 a month for ten months via a MoCaFi immediate Response Card. The card will also provide access to recreation centres via contactless technology.
Says Mayor Cantrell: “My administration continues to identify innovative ways to serve and empower our residents and will make sure that the unbanked are banked and have access to financial education and other resources so that they can attend to basic needs and continue to invest in themselves."
Linda Kirkpatrick, president, Mastercard North America, adds: “With our product innovation and insights, Mastercard is helping cities like New Orleans accelerate recovery with equity and resiliency in mind so they are better equipped for the future."