Poverty is a world problem that is found world wide. It is fought through different methods that all intend to do away with poverty. Innovative methods that tend to go with the current time are more effective. In this short article, a discussion is about how starter ups could play their part in poverty reduction strategies.
Through more than 500 programs in more than 50 countries, MasterCard has worked in collaboration with financial institutions, retailers, telecommunications companies, governments, and non-governmental organizations to increase the financial system’s accessibility for more than 300 million people who were previously excluded. And they’ve only just begun. By 2020, they pledge to link 500 million individuals, including 40 million micro- and small-business owners, to the formal economy. This will provide them a crucial tool to help them escape poverty.
Identity is a place to start, especially for women, and MasterCard is collaborating with governments in countries like Nigeria and Egypt to connect government identification with payments, allowing for widespread financial inclusion.
Governments can offer social benefits through electronic payment cards thanks to MasterCard’s collaboration with them. The advancement in science and technology change lives for betterment. It is indeed truth of fact as the examples of facts can be witnessed by our bare eyes. Governments in this affair of technology have only the responsibility of preparing the right environment for technology to flourish.