Accion and Master card are digitally transforming small businesses. 💻💻
In November 2018, the Mastercard Center for Inclusive Growth and Accion launched a partnership to transform millions of underserved micro and small businesses around the world and help them participate in, and benefit from, the digital economy. We learned important lessons about how digitalizing financial service providers benefits customers and prepares them to persevere through the challenges of the current economic climate.
Read our 6 key lessons on digital transformation.
Our partnership showed how accelerating access to thoughtfully designed digital financial tools can be a game-changer for small businesses. Over four years:
Digital adoption increased among women entrepreneurs. Women accounted for 75 percent of new product users, demonstrating the potential of digital tools to expand access to financial services for women and other underserved people.
Financial health improved. Nearly 80 percent of product users interviewed across five countries reported increased capacity to manage financial challenges, including the ability to repay loans on time or access credit for their business needs, which they attributed to products developed by the partnership.
Digital tools boosts productivity and growth. Digital product users reported a 30 percent increase in business growth activities with more than 61 percent linking these improvements, at least partially, to the digital products used.
 30-day usage of digital tools by unique users increased by 400 percent, showing that people were not only accessing the tools but consistently using them. Tools include products designed to support financial literacy, digital savings, and short-term loans for underserved businesses.
Watch: How small businesses embraced digital tools during COVID-19.
Remember to stay safe!
