A letter from Mastercard CEO Ajay Banga
Submitted by MasterCard Center for Inclusive Growth
Why? Because when the world thrives, businesses thrive.
Businesses are part of the global ecosystem. And ecosystems, by definition, require balance and diversity. They also require a point of view larger than oneself and longer than the immediate future. They require an understanding that we are stronger as a connected whole than as isolated actors.
At Mastercard, this is what we call the network effect: the idea that the value of the total is greater than the sum of its parts, and that enabling the whole system benefits all the components. Our network is the foundation of our business and how we operate. It’s what allows us to make inclusive growth a reality — because we’re activating our network to enable the digital economy to work for everyone, everywhere. And we’re doing it in ways that consider our workforce, the environment and the ethical standards to which we hold ourselves accountable — because the ways and means matter, too.
As the digital economy increasingly becomes the economy, it is both our business strategy and our social responsibility to ensure that people and organizations have access to the networks, tools and solutions that can help them reach their potential and achieve financial security. That means approaching everything through the lens of our culture of decency and using our technology and experience to empower each individual — no matter where they come from — as well as the system as a whole.
Our work is as much about connecting farmers in developing regions to a digital marketplace as it is about working with a range of public and private partners to build the inclusive, accessible and sustainable cities of the future. And it is as much about inspiring the best and brightest talent to drive our company’s innovation as it is about infusing them with the ethics that guide the way we manage the business, treat customers and contribute to society.
All that is just a taste of what we’re delivering on today. Our purpose drives us forward. Our sense of Mastercard as a member of society, with the responsibility to benefit people and partners, shareholders and customers alike, compels us to make more connections, further amplifying the network effect. We’re working to scale “Doing Well by Doing Good” by making commercially sustainable social impact the new paradigm for business as usual because we believe being purpose-driven is fundamental to sustainability — for everyone.
The Mastercard Center for Inclusive Growth focuses on promoting equitable and sustainable economic growth and financial inclusion around the world. As an independent Mastercard subsidiary, it combines data, expertise and technology with philanthropic investments to empower a community of thinkers, leaders and innovators on the frontlines of inclusive growth. Follow us on Twitter @CNTR4growth and subscribe to receive our latest insights.
More from MasterCard Center for Inclusive Growth