Mastercard has introduced a comprehensive suite of solutions designed specifically to empower female business owners in Latin America and the Caribbean. This innovative initiative was announced on Tuesday, April 11, according to a press release by Mastercard.
Overcoming Barriers to Professional Development
These solutions seek to address a myriad of challenges women face in achieving full professional development. These include restricted access to financing, an absence of supportive networks, and an ongoing gender disparity in business, as explained by Maria Barreiros, the vice president of small and medium-sized enterprise products at Mastercard Latin America and Caribbean.
Addressing Financial Needs and Business Operations
Mastercard’s solutions offer women entrepreneurs the opportunity to access business credit cards, obtain travel and operating expense reimbursements through the Easy Savings program, and avail of discounts on digital business services. These initiatives aim to provide women business owners with the financial tools they need to run their enterprises effectively.
Continuous Education and Health Programs
In addition to financial support, Mastercard provides continuous education to women entrepreneurs. Through strategic partnerships, Mastercard offers access to the INCAE Virtual Accelerator, Todas Conectadas digital skills training platform, the Strive eCommerce toolkits, and the MicroMentor platform, which links entrepreneurs with mentors.
Moreover, the newly launched suite includes a health program, legal consultation, insurance against cell phone theft and accidents, and cybersecurity education and tools. These components aim to address some of the unique challenges that women business owners face.
Enhancing Economic Strength
“We are also reinforcing our commitment to supporting small business growth and strengthening economies, which starts with providing businesses of all sizes with the tools they need to thrive,” stated Barreiros.
Significant Moves in the Latin American Finance Sector
In related news, Visa and digital wallet Tigo Money entered into a regional agreement in November 2022 to broaden access to digital financial services across the region. This partnership resulted in a new payment solution – the Tigo Money Visa card, linked to the consumer’s Tigo Money wallet. This card enables users to spend their digital money wherever Visa is accepted.
Furthermore, Miami-based trade finance platform, Marco, announced in February that a new $200 million credit line and an $8 million equity investment would facilitate its pursuit of swiftly expanding trade opportunities in Latin America.
A Landmark Initiative
Mastercard’s introduction of this suite of solutions tailored for female business owners in Latin America and the Caribbean marks a landmark initiative in the region. The program seeks to provide women with access to essential resources such as capital and tools to optimize their business operations, as well as address their specific needs, including health and continuing education.
