Mastercard and Caribbean Association of Banks Inc Partner to Expand Financial Inclusion
About the Partnership
This agreement will focus on enabling intra and inter-regional payments and expanding financial inclusion in the Caribbean.
Partnership Objectives
Mastercard, a global technology company in the payments industry, has announced the signing of a Memorandum of Understanding (MoU) with the Caribbean Association of Banks Inc (CAB), the representative body and recognized voice for banks and other financial institutions in the Caribbean.
The partnership’s central objective is to enable cross-border payments across all CAB member jurisdictions, as a powerful tool to tend to the region’s unbanked and underbanked populations and bolster financial inclusion and economic growth.
Commitment to Financial Inclusion
As part of its commitment, Mastercard will activate its technology, resources, and expertise to help banks successfully integrate this innovative solution into their product offerings, as well as share its knowledge and educational platforms to raise awareness among citizens and small business owners on the benefits of this service and other digital financial tools that can help them reach their fullest potential and improve their living standards.
Quotes
Mayra Vivacqua, Cluster Lead for Mastercard Caribbean (West & Dutch, Jamaica & East Caribbean, and Puerto Rico), said “We are thrilled to enter into this partnership with the Caribbean Association of Banks Inc, which will drive the region’s digitalization and offer customers across various sectors, including consumers, SMEs, government agencies, B2B, and commercial entities, a safer, easier, and more convenient way of transferring money across borders. The knowledge and data we will leverage from this collaboration will enable us to advance financial inclusion and stimulate economic growth in the Caribbean region.”
Wendy Delmar, Chief Executive Officer of the Caribbean Association of Banks Inc, stated “I am profoundly satisfied at the successful execution of this Memorandum of Understanding. Cognizant of the immense challenges faced by the region, concerning intra and inter-regional payments, primarily as a result of the onslaught of de-risking activity, this is certainly a step in the right direction and exemplifies the tireless efforts of the CAB to identify innovative solutions to the challenges of present.”
About Mastercard Cross-Border Services
Mastercard Cross-Border Services help banks modernize and optimize their global payments business to deliver an experience for people and businesses that is secure, seamless, and certain.
Conclusion
This partnership is part of Mastercard’s commitment to offering solutions that respond to specific market needs, benefiting millions of people in the Caribbean and taking a significant step towards achieving financial inclusion in the region.
FAQs
Q: What is the purpose of the partnership between Mastercard and the Caribbean Association of Banks Inc?
A: The partnership aims to enable cross-border payments across all CAB member jurisdictions, expanding financial inclusion and economic growth in the Caribbean region.
Q: How will this partnership benefit unbanked and underbanked populations in the Caribbean?
A: The partnership will provide access to modern financial services, allowing unbanked and underbanked populations to enjoy the benefits of the digital economy and provide them with priceless payment experiences.
Q: What are the benefits of Mastercard Cross-Border Services for banks?
A: Mastercard Cross-Border Services help banks modernize and optimize their global payments business, delivering a secure, seamless, and certain experience for people and businesses.
Q: What is the commitment of Mastercard to financial inclusion in the Caribbean region?
A: Mastercard is committed to offering solutions that respond to specific market needs, benefiting millions of people in the Caribbean and taking a significant step towards achieving financial inclusion in the region.
L-R: Mayra Vivacqua, Cluster Lead for Mastercard Caribbean (West & Dutch, Jamaica & East Caribbean, and Puerto Rico and Wendy Delmar, Chief Executive Officer of the Caribbean Association of Banks Inc.
(CARIBPR WIRE, Miami, Florida)