Latest news with #ShaminaSingh
Yahoo
a day ago
- Business
- Yahoo
Mastercard's social impact leader explains why financial education can't be forced
Listen and subscribe to Living Not So Fabulously on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Financial literacy is important for everyone, but what is the best way to convince people that getting a financial education matters? On a July 17 episode of Yahoo Finance's Living Not So Fabulously podcast, Shamina Singh, the president of Mastercard's Center for Inclusive Growth, explained that financial tools and education are most effective when they're designed around the moments someone will actually need to use them in the real world. "We have done a lot of research at the Center for Inclusive Growth around this very issue, and of course, I think baseline, everybody needs financial education in their curriculum,' she said. 'The learnings that we've had at the center tell us that people generally will learn financial situations and financial education when they need it. When they have to utilize a different tool or product, they have to open a bank account, or they're getting a government subsidy that requires them to learn how to use their wallet. That tends to open up their minds to 'I need to understand how to do this.'" This is when people are most open to learning something new, she explained, and when financial tools and education have the best chance at being effective. "That's the moment when you can get in," she continued. "It's a use case, it's providing the proof point that's either going to help them save time, learn something new that's going to matter to them, or help increase their wealth." Prior to her work with Mastercard, Singh held multiple positions with the US government focused on policy, including senior positions in the US Departments of Labor and Health and Human Services. She was also a senior adviser to then-House Minority Leader Nancy Pelosi. Singh left public service on the advice of her mentor, former Texas Governor Ann Richards, who stressed that there was much more to learn about financial patterns in the private sphere. According to Singh, Richards told her, "Once you learn how money moves, ... you'll be able to make even more difference in the work that you decide to pursue." Singh's financial education led her to develop the Mastercard Center for Inclusive Growth, which aims to help individuals and small businesses grow and develop their own financial security using data-driven research. She stated that real change comes from pragmatic approaches that are primed to help people when they have real-world needs. "Financial education is the baseline," she reiterated. "100%, financial education as a tool to increase wealth at the moment you actually need it. So it's a little bit of a difference in how we approach our financial education and the work that we do at the center. We really try to inject it or put it in motion when it's relevant to a life stage or a life situation.' Read more from Living Not So Fabulously: Mastercard's social impact leader explains why financial education can't be forced Don Lemon shares the 4 investing rules he learned building a career in media 'Severance' actor Jen Tullock describes the financial constraints many actors face In addition to helping individuals develop their own sense of financial security, the Center for Inclusive Growth also partners with Community Development Financial Institutions (CDFIs) to help small businesses reach the next level of development where a bank might not be able to offer financial assistance. 'These are little-known gems of financial power that help small businesses who may be on the cusp of growth get to the next level,' she explained. 'If you connect with a CDFI, their lending terms are different from banks and their ability to look at your history, where you've come from, what you are going to contribute, what your business will contribute, allows them to lend — maybe at a slightly higher interest rate — but they're not they're not loans that are seeking to hurt your business in the end. These are community-based loans, and they're usually given through small businesses.' Every Wednesday, dive into real money stories from the LGBTQ community with podcast hosts David and John Auten-Schneider. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Mastercard's social impact leader explains why financial education can't be forced
Listen and subscribe to Living Not So Fabulously on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Financial literacy is important for everyone, but what is the best way to convince people that getting a financial education matters? On a July 17 episode of Yahoo Finance's Living Not So Fabulously podcast, Shamina Singh, the president of Mastercard's Center for Inclusive Growth, explained that financial tools and education are most effective when they're designed around the moments someone will actually need to use them in the real world. "We have done a lot of research at the Center for Inclusive Growth around this very issue, and of course, I think baseline, everybody needs financial education in their curriculum,' she said. 'The learnings that we've had at the center tell us that people generally will learn financial situations and financial education when they need it. When they have to utilize a different tool or product, they have to open a bank account, or they're getting a government subsidy that requires them to learn how to use their wallet. That tends to open up their minds to 'I need to understand how to do this.'" This embedded content is not available in your region. This is when people are most open to learning something new, she explained, and when financial tools and education have the best chance at being effective. "That's the moment when you can get in," she continued. "It's a use case, it's providing the proof point that's either going to help them save time, learn something new that's going to matter to them, or help increase their wealth." Prior to her work with Mastercard, Singh held multiple positions with the US government focused on policy, including senior positions in the US Departments of Labor and Health and Human Services. She was also a senior adviser to then-House Minority Leader Nancy Pelosi. Singh left public service on the advice of her mentor, former Texas Governor Ann Richards, who stressed that there was much more to learn about financial patterns in the private sphere. According to Singh, Richards told her, "Once you learn how money moves, ... you'll be able to make even more difference in the work that you decide to pursue." Singh's financial education led her to develop the Mastercard Center for Inclusive Growth, which aims to help individuals and small businesses grow and develop their own financial security using data-driven research. She stated that real change comes from pragmatic approaches that are primed to help people when they have real-world needs. "Financial education is the baseline," she reiterated. "100%, financial education as a tool to increase wealth at the moment you actually need it. So it's a little bit of a difference in how we approach our financial education and the work that we do at the center. We really try to inject it or put it in motion when it's relevant to a life stage or a life situation.' Read more from Living Not So Fabulously: Mastercard's social impact leader explains why financial education can't be forced Don Lemon shares the 4 investing rules he learned building a career in media 'Severance' actor Jen Tullock describes the financial constraints many actors face In addition to helping individuals develop their own sense of financial security, the Center for Inclusive Growth also partners with Community Development Financial Institutions (CDFIs) to help small businesses reach the next level of development where a bank might not be able to offer financial assistance. 'These are little-known gems of financial power that help small businesses who may be on the cusp of growth get to the next level,' she explained. 'If you connect with a CDFI, their lending terms are different from banks and their ability to look at your history, where you've come from, what you are going to contribute, what your business will contribute, allows them to lend — maybe at a slightly higher interest rate — but they're not they're not loans that are seeking to hurt your business in the end. These are community-based loans, and they're usually given through small businesses.' Every Wednesday, dive into real money stories from the LGBTQ community with podcast hosts David and John Auten-Schneider. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
04-05-2025
- Business
- Zawya
Mastercard Center for Inclusive Growth and Tamkeen partner
Partnership will support Bahraini Small and Medium Enterprises (SMEs) on financial and digital readiness New York and Manama -- The Mastercard Center for Inclusive Growth and the Bahrain's Labour Fund (Tamkeen) today announced a strategic partnership to explore the launch of the first Mastercard Strive program in the Middle East, aimed at advancing financial and digital readiness for Small and Medium Enterprises (SMEs) in Bahrain. This landmark collaboration seeks to empower Bahraini SMEs and entrepreneurs with the tools and resources they need to scale up, digitize, and drive inclusive economic growth. The initiative will explore a scalable model of collaboration between Bahrain and the Mastercard Center for Inclusive Growth, reinforcing Bahrain's position as a regional leader in SME development. The Mastercard Strive program—already active in several countries—has helped over 12 million small businesses worldwide since 2020 by facilitating access to capital, digital tools, and knowledge networks. If adopted in Bahrain, the program would mark its first implementation in the Middle East, further expanding its global footprint and regional impact. His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy of the Kingdom of Bahrain, underscored the importance of this initiative during his keynote address at the 2025 Global Inclusive Growth Summit (GIGS), stating: 'The Kingdom of Bahrain has always prioritized fostering a supportive environment that enables SMEs to succeed and grow as they continue to play a pivotal role in the economy. This partnership with Mastercard will pave the way for SMEs in Bahrain to utilize financial and digital tools to enhance their operations and improve their productivity' This collaboration aligns with Tamkeen's 2025 strategic priorities, which focus on strengthening the competitiveness of Bahrainis in the private sector, accelerating enterprise digitization and sustainability, and enhancing the labour market ecosystem. According to the Bahrain 2023 Economic Report, SMEs account for 93% of all enterprises in the Kingdom. Of these, 79% are Bahraini-owned, 40% are owned by women, and 25% are led by young people. SMEs also contributed to 10% of Bahrain's total exports and employed more than 44,000 Bahrainis in 2023. By combining Mastercard's global expertise in inclusive growth with Tamkeen's local leadership in economic development, this partnership aims to create a robust and resilient ecosystem that enables Bahraini SMEs to thrive in the digital economy and contribute to long-term national prosperity. 'We have always known that small businesses are the engine of the global economy, and help create opportunity and growth for communities,' said Shamina Singh, the founder and president of Mastercard's Center for Inclusive Growth. 'Through Mastercard Strive, the Center is excited to partner with the Kingdom of Bahrain and Tamkeen to help Bahrainis thrive in the private sector while building their skills in financial and digital readiness.' About the Mastercard Center for Inclusive Growth The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company's core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn, Instagram and subscribe to its newsletter. About the Labour Fund 'Tamkeen' Established in 2006, Tamkeen supports Bahrain's private sector by empowering local talent and enabling enterprises to grow and thrive. Its program focuses on employment, skills development, and enterprise support to position Bahrainis as the first choice in the labor market. For more information, visit or follow @TamkeenBahrain on social media. For media inquiries, please contact: media@ For general information: support@
Associated Press
02-05-2025
- Business
- Associated Press
9 Lessons on Inclusion, Influence and Trust in the Digital Economy from the Mastercard Center for Inclusive Growth
Mastercard Center for Inclusive Growth Whether they build policy or code, companies or communities, the 400 leaders gathered in Washington, D.C., this week for the 2025 Global Inclusive Growth Summit all shared a mission – to explore new ways to grow opportunities and build resilience for all. 'No one has a monopoly on good ideas,' said Shamina Singh, the founder and president of Mastercard's Center for Inclusive Growth, which hosted the annual gathering. 'By taking pieces of everything from everywhere — mashing up the best ideas from the social sector leaders, private business, artists, futurists and historians — we arrive at answers, we show up, and then we move to action.' Here are some of the insights shared over the course of the day, from the business case for inclusive growth to the need to fortify trust in the digital economy in the age of AI to the value of authenticity. 'These business models that Mastercard has is built on relatively small transactions but engaged many times by many tens or hundreds of millions of people. These are the business models that are owning the future. And so we should stop looking there and saying, 'Oh, poverty, yuck,' and start saying, look at those billions of emerging consumers and trillions of transactions. And as a result, trillions of dollars that can be made and the number of lives that can be changed.' — Andy Kuper, founder and chief executive officer, LeapFrog Investments, on how to meet the demands of an economy being transformed by digitization. 'The beauty of this inflection point we're in is that you have a willingness across an ecosystem to take the history, longevity and consistency of financial markets, marry it with modern-day tech and really get the best of both worlds. The scale and ubiquity and cross-border nature of the work that's already been done to create our financial infrastructure can take a nascent currency and turn it on fire.' — Linda Kirkpatrick, Americas president, Mastercard, on harnessing the potential of — and building trust in — digital assets and blockchain. 'Probably the number one question I get is, 'What in the world can you do with $2,500 in the United States of America? You can start a business. We have 240,000 stories of people who've been able to have financial, not just stability, but mobility.' — Andrea Jung, president and chief executive officer of Grameen America, challenging the belief that financial returns and social impact are mutually exclusive. 'It's teaching them how to manage cyber risk like they would any other risk to their business … They can have an educated conversation with their accountant on their finances, but as soon as you start to talk to them about their use of technology, or you say the dreaded cyber word, then sometimes they can kind of glaze over. So we really hold their hand and walk them through it and help them work on a plan so that they're resilient when something bad does happen.' — Lisa Plaggemier, executive director of the National Cybersecurity Alliance, on helping small businesses protect themselves from the growing risk of cyberattacks. A new Mastercard study shows that 46% of small businesses surveyed have experienced a cyberattack on their current business, and nearly one in five that suffered an attack then filed for bankruptcy or closed their business. The summit included the Mastercard Strive marketplace, which showcases micro and small businesses developing innovative digital and data-first solutions to help catalyze inclusive growth. Mastercard CEO Michael Miebach, right, talks with Alissa 'Dr. Jay' Abdullah, left, Mastercard's deputy chief security officer, and Valdecy Urquiza, secretary general of INTERPOL, not pictured, about closing the cybersecurity divide. Content creator Pat Smith, right, CEO of Pat Smith Enterprises, discusses the potential of the creator economy with summit co-host Ade Adepitan, left, and Christen Nino De Guzman, not pictured, CEO and founder of Clara for Creators. 'We're putting ideas into action,' said Jon Huntsman, Mastercard's vice chair and president, Strategic Growth. He interviewed Dina Powell McCormick, the vice chairman of BDT & MSD Partners and former U.S. deputy national security advisor, on the power of mentorship as well as James Mwangi, Group MD and CEO of Equity Group Holdings, on the digital finance revolution in Africa. A conversation on rebuilding trust and designing a digital future rooted in agency, connection and shared purpose featured Kat Duffy, left, senior fellow for digital and cyberspace policy for CFR, Frank McCourt, center, executive chairman, McCourt Global, and founder, Project Liberty, and Eli Pariser, co-director of New_Public. Summit co-host Andréa Vieira, left, founder and CEO of nailsaloon, spoke with Jenny Just, right, co-founder and managing partner of PEAK6 Investments, on how Just's poker expertise lends itself to lessons in managing risk, making bold bets and playing the long game. The summit included the Mastercard Strive marketplace, which showcases micro and small businesses developing innovative digital and data-first solutions to help catalyze inclusive growth. Mastercard CEO Michael Miebach, right, talks with Alissa 'Dr. Jay' Abdullah, left, Mastercard's deputy chief security officer, and Valdecy Urquiza, secretary general of INTERPOL, not pictured, about closing the cybersecurity divide. Content creator Pat Smith, right, CEO of Pat Smith Enterprises, discusses the potential of the creator economy with summit co-host Ade Adepitan, left, and Christen Nino De Guzman, not pictured, CEO and founder of Clara for Creators. 'We're putting ideas into action,' said Jon Huntsman, Mastercard's vice chair and president, Strategic Growth. He interviewed Dina Powell McCormick, the vice chairman of BDT & MSD Partners and former U.S. deputy national security advisor, on the power of mentorship as well as James Mwangi, Group MD and CEO of Equity Group Holdings, on the digital finance revolution in Africa. A conversation on rebuilding trust and designing a digital future rooted in agency, connection and shared purpose featured Kat Duffy, left, senior fellow for digital and cyberspace policy for CFR, Frank McCourt, center, executive chairman, McCourt Global, and founder, Project Liberty, and Eli Pariser, co-director of New_Public. Summit co-host Andréa Vieira, left, founder and CEO of nailsaloon, spoke with Jenny Just, right, co-founder and managing partner of PEAK6 Investments, on how Just's poker expertise lends itself to lessons in managing risk, making bold bets and playing the long game. The summit included the Mastercard Strive marketplace, which showcases micro and small businesses developing innovative digital and data-first solutions to help catalyze inclusive growth. 'We see so much of the internet's data. We're able to run it through our own machine learning systems, where our own AI tools are now identifying cybersecurity threats that no human had identified before, and that means that we're going to be able to stop the bad guys more effectively … At the end of the day, whoever has the most data wins in the age of AI, and the good guys have more data than the bad guys.' — Matthew Prince, co-founder and chief executive officer, Cloudflare, on why he's optimistic about AI's power as a shield in cybersecurity. 'Guardrails and governance are seen as dirty words, but I truly believe that it is absolutely essential to make all the use cases you're talking about real. And so at the core of responsibility is trust. So when you think about all these amazing applications, whether it's in agriculture or whether it's in productivity, at the end of the day, we need to get to a place where not only humans can trust artificial intelligence, but with agentic AI, you can actually make sure that the AI agents are trusting other AI agents.' — Navrina Singh, CEO and founder of Credo AI, on building AI systems that are transparent, equitable and aligned with human values. 'One of the biggest problems with the circular economy is people assume it's about waste and trash, but actually it's about upstream design, and how do we build [that] into the design of our products and our systems and the ways we think and our mindsets? And this is where AI is actually really useful right now, to retrain our workforce. How do we think about the second and third and fourth life of a product when we're building it?' — Danielle Holly, executive lead, North America, The Ellen MacArthur Foundation, on building long-term business value through regenerative practices. For more on the circular economy, read the Mastercard Economic Institute's new report on how secondhand clothing is gaining market share. 'When you're looking at social media, it can be so intimidating, because now people are doing highly produced videos, and y'all, there's a filter for everything, right? And so I don't want people to be intimidated by that … I'd say, use what you got. I guarantee you there's something that you have that somebody else needs.' — Pat Smith, CEO, Pat Smith Enterprises, on the rise of the creator economy and how it is democratizing influence. 'Good CEOs promote skepticism. They appreciate the people who challenge them, who ask hard questions, who you know don't necessarily agree with an idea and explain why they don't. Cynicism is corrosive. Cynicism is not that I disagree with what you're doing, but I don't trust your motives … Part of the way you build resilience is you earn trust, and you do it with authenticity.' — Rich Lesser, global chair, Boston Consulting Group, on the evolution of leadership in a fast-changing world. Originally published by Mastercard Follow the Mastercard Center for Inclusive Growth's journey by following us on LinkedIn and Instagram. Keep an eye out for content from the Summit: Visit 3BL Media to see more multimedia and stories from Mastercard
Harvard Business Review
21-04-2025
- Business
- Harvard Business Review
How Financial Inclusion and Health Can Move More People into the Middle Class - SPONSOR CONTENT FROM MASTERCARD
By Shamina Singh and Homi Kharas Much ink has been spilled over the damage of inflation, migration, demographic changes, and geopolitical tensions to the global economy. But one positive mega-trend that's too often missing from the discussion is the rapid, mass movement of people from a state of economic vulnerability into the global middle class. Today, for the first time in history, fully half the population—more than 4 billion people—qualifies as middle class, meaning they live on incomes ranging from $12 to $120 a day. This represents a diverse economic group made up of people with vastly different lived experiences. The most dynamic and upwardly mobile individuals across Asia, Latin America, and Africa are crossing the lower threshold of middle-class status in record numbers, creating powerful upward economic momentum. More than 1.1 billion people entered the middle class during the last 10 years. An additional 1.1 billion could join them over the coming decade, World Data Lab projects (see figure 1). For the first time, this group of new entrants to the middle class—2 billion strong by 2035, four-fifths of whom will be in Asia—will have income to spend beyond basic necessities and can pursue economic and social opportunity and connection. That's good news for the entire world. These forecasts were made before global tariffs became a focus and do not consider any implications tariffs may have on global growth and its distribution. But the forecasts reflect underlying long-term strengths and comparative advantages of regions. Growth in the Number of People in the Global Middle Class Source: World Data Pro projections by World Data Lab . Note: Middle class defined as people living in households spending $12-$120 per person per day in 2017 purchasing power parity terms. When economically vulnerable people move into the middle class, they also move from a mindset focused on minimizing risk to one of maximizing opportunity. In other words, joining the middle class marks the moment when people shift from subsistence to resilience. If public and private sector and industry leaders can help them cross this bridge—and keep them from backsliding—we can light a spark of possibility with the power to drive broad-based economic growth and enhance global economic stability. Inclusion in the Digital Economy Economically vulnerable populations around the world share a necessity for financial inclusion: basic access to the financial system. For more than a decade, governments, international organizations, philanthropies, and the private sector have come together to promote financial inclusion. A key part of this effort has been the advance of technology and digital access. Since 2014, Mastercard's Center for Inclusive Growth has focused on connecting underbanked and un-networked communities to the benefits of the digital economy, such as access to critical services, capital, and digital tools. In a company-wide commitment to this initiative, Mastercard anticipates bringing 1 billion people into the digital economy by the end of 2025. Now, as we look ahead to the next decade, the Center for Inclusive Growth intends to evolve its strategy on financial inclusion toward broad concepts of financial security and financial health such as access to credit, emergency savings, and insurance. To promote the opportunity-maximizing mindset of the emerging middle-class for the good of the global economy, the Center and World Data Lab are analyzing the diverse economic levers that propel upward mobility into the middle class. These actions include expanding access to multiple financial services and supporting the small- and medium-sized business entrepreneurs who will provide most of the jobs for the new entrants into the middle class. The focus of this partnership will draw on insights from the U.S. as well as from Asia, where the middle class is growing fastest. Entrepreneurship is a powerful lever for driving financial inclusion. Micro-enterprises and small businesses make up more than 90% of global businesses and employ half the world's workers. Over the last decade, Mastercard Strive, the Center's small-business program, has helped 40 million small businesses access training, forge connections, and tap into capital as a catalyst for growth. In 2025, small and new businesses remain the key to driving impact and creating higher paying jobs at scale by engaging with the digital economy in new ways. But today, they face new threats, including cybercrime and online fraud. A Mastercard survey of more than 5,000 small and medium-sized business owners across four continents reveals that 46% have experienced a cyberattack on their current business. This represents an enormous threat to economic movers' ability to stay in the middle-class long term. Cybersecurity is one area where Mastercard and the Center are well positioned with resources and expertise to support small and medium-sized enterprises as they navigate the new hazards of the digital economy. When people feel vulnerable, whether in the physical world or the digital one, they often revert to protecting what they have, instead of striving for what is possible. That's why a big, vibrant middle class that feels empowered to reach for opportunity is our most potent tool for spurring sustainable economic growth globally. And a digital environment that is both inclusive and secure is the foundation on which everything else will grow. Shamina Singh is founder and president of the Mastercard Center for Inclusive Growth and the EVP for Sustainability at Mastercard. Homi Kharas is Chief Economist and co-founder of World Data Lab and a Senior Fellow at Brookings.
