Mastercard's Focus on Financial Inclusion and Sustainability
Mastercard has published its Impact Report for 2024, detailing the ways in which it has looked to drive economic inclusion and ecological progress.
Grounded in its People, Prosperity, and Planet framework, the report presents initiatives that range from climate action to inclusive financial services, emphasising data-driven social impact and sound governance.
The firm not only brings more individuals into the digital financial ecosystem but also fortifies their security, advancing a model of sustainable and equitable growth.
Inclusion driven by digital solutions
Mastercard’s sustainability agenda is deeply intertwined with financial technology initiatives aiming for broad digital inclusion.
Since 2015, Mastercard has integrated over 960 million individuals and 65 million micro and small enterprises into the digital economy, surpassing its goals set for 2025, which aimed at reaching one billion individuals and 50 million businesses.
The Community Pass platform is a pivotal element that grants remote and underserved areas access to essential services including payments, identification, and agricultural markets.
For instance, smallholder farmers in locations such as Kenya and Uganda are now capable of monitoring transactions, establishing credit histories, and ensuring equitable payments for their crops.
Currently, the program has expanded to serve over seven million users and is eyeing further market penetration.
“Our 2024 Impact Report details the meaningful progress we have made across our impact strategy pillars – People, Prosperity and Planet – the connection of these efforts to our business objectives, as well as areas of opportunity for continued work,” says Ellen Jackowski, Chief Sustainability Officer and Executive Vice President at Mastercard.
This mission is further broadened through the Mobilising Access to the Digital Economy (MADE) Alliance. In partnership with the African Development Bank and others, it aspires to broaden digital access to 100 million people and businesses across Africa within the next decade.
An environmental commitment
Mastercard is making notable strides in achieving its environmental objectives. As of 2024, the company has realised a 46% drop in combined Scope 1, 2, and 3 emissions, taking 2016 as the baseline year, and is on course to reach a net-zero target by 2040.
Importantly, 100% of Mastercard’s operations now utilise renewable electricity, and the firm is enhancing its procurement of clean energy for long-term sustainability.
Its Priceless Planet Coalition is a signature reforestation program that has financed the planting of 26 million trees across regions like Kenya, Brazil, and Vietnam, among others.
Such nature-based strategies aid in enhancing biodiversity, carbon sequestration, and supporting community livelihoods.
Beyond reducing its own carbon footprint, Mastercard encourages its supply chain partners to adopt similar practices.
Currently, 71% of Mastercard’s key suppliers have adopted science-based targets for climate action, bolstering decarbonisation across the supply chain.
A focus on innovation and inclusive design
Mastercard’s strategy for human capital emphasises empowering its workforce, enhancing diversity, and promoting well-being.
In 2024, the company was lauded with various recognitions, like being named one of Forbes' World’s Best Employers and appearing on Fast Company’s Best Workplaces for Innovators list.
Internally, Mastercard’s Unlocked platform offers employees avenues for mentoring, project involvement, and skill development via AI-powered career-matching tools.
The firm has launched initiatives addressing mental health, including a global network comprising over 260 certified Mental Health Champions.
Mastercard also leads with product designs that are inclusive.
The Touch Card is developed for the visually impaired, enabling them to identify card types through tactile markers, and the True Name card allows transgender and non-binary customers to display their chosen names on the cards, irrespective of legal documentation.
Security and responsibility
Mastercard’s approach to digital responsibility centres on preserving trust in the digital space.
For the past half-decade, it has poured US$10.6bn into cybersecurity innovations, effectively preventing US$47.9bn in fraud through AI-supported solutions.
The company’s tenets on data emphasise that individuals should own, control, and benefit from their data, with Mastercard obligated to safeguard it stringently.
Through its AI Governance Framework, Mastercard assures that all AI systems are utilised in an ethical and transparent manner.
"Our work supports people in Kennesaw, café owners in Kuala Lumpur, smallholder farmers in Kenya and everywhere in between," says Jon Huntsman, Vice Chairman and President of Strategic Growth at Mastercard.
"It’s about bringing new technologies, insights, tools and resources that connect them to the digital economy while keeping them protected.
"That way, they can focus on what’s important, achieving their dreams, growing their operations, and contributing to the prosperity of their communities.”
