Mastercard has introduced a suite of services dedicated to the financial needs of female business owners across the regions of Latin America and the Caribbean
Global payment-processing leader Mastercard has launched its first set of financial solutions specifically tailored to female business owners in Latin America and the Caribbean.
The suite includes access to capital and functions to help female entrepreneurs optimize their business operations. Additionally, the tailored solutions address the specific needs of women in the region, such as healthcare financing and continuing education/mentorship.
All the products were designed based on the insights received from the survey conducted with Kantar in five markets around Latin America and the Caribbean (LAC) region. These are Mexico, Ecuador, Colombia, Brazil, and the Dominican Republic.
The survey aimed to identify the needs and preferences of female entrepreneurs to further address them. As a rule, the percentage of underbanked women is higher in emerging economies than the rate of men suffering from the lack of financial services. Besides, 73% of women globally are unsatisfied with their banking services, since fintech products created by men aren’t always catering to women’s needs.
The results of the Mastercard commissioned survey could improve the responsiveness of regional card-issuing banks. This way, the women that lead micro, small, or medium businesses in the region won’t face continuously unresolved issues while using personal means of payment in business management.
The suite of customized solutions includes:
- Access to financing through business credit cards. Companies enrolled through the Easy Saving programme will have specific benefits too. These include travel offers and operating expense reimbursements, discounts on digital business solutions, etc.
- Legal consultancy and health programme that focuses on the needed psychological, nutritional, and medical assistance of female customers.
- Training sessions with Mastercard and its multiple partners, designed to improve and enhance clients’ corporate management and development processes. These include lessons on multiple topics, such as digital or marketing skills.
- Insurance against cell phone theft and accidents, as well as access to the Mastercard Trust Center.
- Free cybersecurity education, services, and other resources needed by female-led SMEs to improve their privacy and safety.