Today MasterCard and BANSEFI, the social bank of Mexico, announced a partnership to foster financial inclusion in Mexico through the disbursement of social benefits using electronic payments.
The BANSEFI MAS MasterCard-branded card is part of the recently launched social support program developed by the Mexican Government. Through this partnership, over 6.5 million beneficiaries will have access to electronic payment methods, providing them with greater security, control and convenience to their routine.
Most of the Mexicans enrolled in this social disbursement program are women who will, for the first time, be able to deposit funds, receive social benefits, save, or engage in many other financial transactions that are facilitated by electronic payments.
"By supporting governments around the world with electronic payment programs we are helping to save money and improve efficiencies, but more importantly, together, we are opening up a world of inclusion for those who have previously not had access to traditional financial services," explains Antonio Junco, President of MasterCard México and Central America.
This partnership is a great milestone for advancing financial inclusion in Latin America. But, leading on financial inclusion isn't new to MasterCard or limited to this region. In fact, MasterCard has programs designed to bring financial access to over 350 million people around the world including:
In Nigeria, the Nigerian Identity Management Commission (NIMC) just announced the launch of MasterCard-branded identity cards with electronic payments functionality to 13 million Nigerians — the largest rollout of a biometric-based verification card with an electronic payment solution in the country and the broadest financial inclusion program in Africa.
In Brazil, MasterCard's joint venture with Telefonica created Zuum, a mobile money solution to make deposits or transfers and pay bills easily and securely;
In Turkey, together with the Turkish Government and DenizBank, MasterCard introduced a new Social Aid Card to bring innovation and efficiency to Turkey's welfare service; and
In Canada, a collaboration with SelectCore and the Citythe City of Toronto launched the City Services Benefit Card, a prepaid card program enabling Toronto residents to instantly receive their Ontario Works benefits through an EMV chip and PIN prepaid MasterCard
"BANSEFI is committed to giving a step ahead to foster financial inclusion, in line with the policy of the government in office in this matter. For the above, it is very important to carry out partnerships with companies such as MasterCard, to provide better solutions which, at the same time, offer a real benefit to the most vulnerable sector of the population in our country. MasterCard's global experience in topics related to social inclusion has been key in this alliance, and we are very happy to be able to work jointly," affirmed Jorge Estefan Chidiac, President of BANSEFI.
"We feel honored that BANSEFI has entrusted us with the development of this product: The Prospera program marks a great era for the company in Latin America, and this is just the first step to develop economies and the financial ecosystem, enabling more people to participate in the global economy," commented Junco.