“2.5 billion people – mostly women, mostly young people – live in an economy where cash is king. They are much more subject to criminal activity and operating in the shadow economy, and they don’t enjoy the same benefits and protections as those that operate with traditional bank accounts or traditional forms of financial services, and the security that comes with that.”
In this World Economic Forum video, Shamina Singh, Executive Director of the MasterCard Center for Inclusive Growth, talks about the importance of providing access to financial services to people around the world.
To watch the full video, click on the player above.
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Author: Shamina Singh is the Executive Director of the MasterCard Center for Inclusive Growth.
Image: A customer performs a transaction on an ATM at a branch of Hungary’s largest lender OTP Bank in central Budapest. REUTERS/Laszlo Balogh