MasterCard recently partnered with the Inter-American Development Bank to promote economic inclusion and transparency through the expansion of electronic payments in the Caribbean and Latin America.
The five-year partnership aims to promote the transition to e-payment services in the region, thereby helping to cut transaction costs and boost the efficiency of financial disbursements.
“This initiative takes a two-pronged approach to promote financial transparency and formalization in the region,” IDB President Luis Alberto Moreno said. “First, we intend for it to enhance access to information and accountability among governments in Latin America and the Caribbean. Second, in partnership with banks, microfinance organizations, development organizations and the private sector, we plan to extend electronic payment and financial services to the underserved as a vehicle for families and businesses across the region to overcome poverty.”
MasterCard is IDB’s first corporate partner in transparency, and the company will join the Government of Norway and the IDB in providing advice to the IDB’s Transparency fund, the bank’s primary grant financing source for transparency-related products and initiatives in the region.
“We strongly believe that this effort will help to promote government transparency, efficiency and accountability within the LAC region,” Gilberto Caldart, the president of MasterCard’s LAC division and official company representative to the fund, said.