Lagos (INVESTADVOCATE)-Leading global payments & Technology Company, MasterCard and U.N Women said on Tuesday they have signed a Memorandum of Understanding (MoU) to address the imbalance and advance gender equality and women’s economic empowerment.

“Around the world, nearly 2.4 billion people live without any form of official personal identification, and the majority of them are women,” MasterCard said in a statement.

Mastercard said this is part of broader International Women’s Day activities,and the first initiative in this relationship is the launch of a pilot in Nigeria, which aims to provide half a million Nigerian women with ID cards enabled with electronic payments functionality.

“Research has shown that as soon as a person has a formal identity and access to electronic payments, they can prosper in ways they haven’t imagined before,” said Martina Hund-Mejean, chief financial officer of MasterCard.

“Our relationship with UN Women will help make a real difference in these women’s lives as they are more fully empowered to achieve their true potential,” she added.

According to the World Bank, only 47 percent of women worldwide have access to formal financial services, compared to 51 percent of men. “In Africa, this number increases to more than 70 percent of women,” the World Bank affirmed.

“One of UN Women’s main objectives is to increase women’s economic empowerment. The partnership with MasterCard will help pave the way to economic freedom and financial inclusion for women, initially in Nigeria,” says Lakshmi Puri, United Nations assistant secretary-general deputy executive director.

“We look forward to working together and see the potential of expanding the model to benefit women also in other countries. It is also encouraging that we will collaborate on knowledge generation, advocacy and resource mobilisation for greater investment in gender equality and women’s empowerment – reflecting MasterCard and its CEO’s deep commitment to a Planet 50/50 and to supporting UNWOMEN’s efforts,” she added.

Under the program, MasterCard and UN Women will further explore how and when Nigerians have signed up for the country’s national identity card program. Based on these insights, a targeted program will be launched to educate women on the benefits of the program and enroll them for the identity card.

“This campaign will help at least half a million women in Nigeria gain access to financial services, many for the first time, and the support they need to enter the country’s formal economy,” says Omokehinde Ojomuyide, vice president and business lead for West Africa at MasterCard.

The post Financial Inclusion: MasterCard, UN Women to Commence Pilot with Nigeria appeared first on Investadvocate.

March 8, 2016/MasterCard

By Margaret Curran

Did you know according to the World Bank, only 47%  of women worldwide have access to formal financial services? This is one of the biggest challenges women face in economic empowerment.

Today, in honor of International Women’s Day, there is a global effort to take a deeper look into women’s equality issues as well as their social, economic, cultural and political achievements. Here are some of the ways MasterCard is demonstrating a commitment to gender equality and economic empowerment for women.

MasterCard and UN Women Advance Empowerment of Women

UN Women and MasterCard announced a partnership in Purchase NY, to support gender equality and economic empowerment through programs that give women a formal identity and financial tools.

In further support of UN Women, Tara Nathan, Executive Vice President of Public-Private Partnerships, will participate in a United Nations International Women’s Day panel discussion on what a gender equal planet means and how it can become a reality through public-private partnerships.

African Women Leadership Network

In Nairobi, MasterCard and African Women and Beyond (AWAB)  join to launch the Africa Women Leadership Network, designed to draw attention to the importance of financial empowerment of women.

The AWLN will bring together like-minded women from various business sectors to tackle challenges facing women in East Africa, and across the continent.

Women’s Advancement Index (AP)

Earlier last week MasterCard released the 2016 Index on Women’s Advancement (MIWA), as part of MasterCard’s ongoing dedication towards tracking and analyzing women’s progress across 18 markets in Asia/Pacific. And today, an inaugural “Girls in Tech” study released in Asia Pacific looks at the drivers attracting girls in the region to pursue STEM subjects and related careers.

Follow #IWD2016 to learn about the global conversation on empowering women.

The post MasterCard Takes Action and Makes Change on International Women’s Day appeared first on Investadvocate.