Top 10 Fintech Innovation Labs | 2: Mastercard Labs
Having started a series of innovation hubs across the world, Mastercard established its first (seventh overall) lab in Africa to provide assistance to the financial sector there. Helping to drive this concept with Mastercard is the Bill & Melinda Gates Foundation, an organisation with which it frequently collaborates.
“The growing adoption of technology and the culture of innovation in Africa and other emerging markets has presented an opportunity to create smarter, safer and more convenient ways to do business, and to impact underserved communities. At Mastercard, we believe that it is only by taking a partnership approach that we’re able to generate ideas and address local challenges and opportunities relevant to underserved and unbanked populations, across industries – in agriculture, education, health, trade and entrepreneurship, energy, water and sanitation.”
- Salah Goss, Head of the Mastercard Labs for Financial Inclusion, Nairobi, Kenya
The endeavour is projected to help over 100 million, with Mastercard uniting its innovation and global financial inclusion capabilities to determine how best to serve customers and create relevant products. The company pledges to demo new ideas, trial approaches for optimisation and then determine how to adequately scale for developed and emerging markets.