Grameen America, a microfinance organisation, has partnered with Citi and MasterCard to roll out a range of fintech solutions to promote digital financial access and inclusion for over 86,000 low-income women entrepreneurs across the US.
As per the agreement, Citi and MasterCard will support the deployment of a cloud-based Management Information System infrastructure to modernise and boost Grameen America’s operational capacity.
The upgrades will enable Grameen America to standardise and modernise their back-office processes, achieve better efficiency, more easily scale its services across the country and launch new services or features.
The new system will also enable its field staff to enter real-time data remotely about member women entrepreneurs, improving their ability to capture and scrutinise the impact of Grameen America’s services.
Grameen America president and CEO Andrea Jung said: “Solving the need for digital banking services among low-income communities in the United States is a pressing priority.
“This collaboration represents a perfect marriage of the key players in technology and financial services coming together to empower women entrepreneurs through access to capital, credit- and asset-building services.”
The new upgrades include disbursement of reloadable MasterCard cards issued by Citi Prepaid Services which will be used by Grameen America to provide microloans to its members instead of using bank cheques.
The cards will offer Grameen America’s clientele of women entrepreneurs with a quick and flexible way to access their funds instead of carrying large sums of cash.
MasterCard president of the centre for inclusive growth Shamina Singh said: “Connecting people to the networks that power the modern world – like financial services – will unlock their economic potential and continue a cycle of equitable economic growth and poverty reduction.
“Working with Grameen America, we are glad to join a partnership that will advance economic mobility through entrepreneurship in the US.”