CAF and Mastercard Join Forces to Attract More People from the Region to the Digital Economy

Under the terms of the Memorandum of Understanding (MOU), the regional collaboration agreement will deliver a variety of projects to attract more people to the digital economy within CAF’s 18 member countries in Latin America and the Caribbean. The efforts will build on CAF’s USD 7 billion capital contribution and Mastercard’s global commitment to add one billion people and 50 million micro and small enterprises to the digital economy by 2025.

“We found important opportunities in the field of digital transformation in the region, such as the promotion of virtual education, remote access to work, and the development of e-commerce and internet-based services. However, we are well aware that there is still much to be done to improve the quality of life of millions of Latin Americans and Caribbeans, especially those most in need. This alliance with Mastercard is a space for action to promote digitalization for the benefit of the entire region”, stated Sergio Díaz-Granados, CAF’s executive president >.

Initial activities will focus on four areas: financial and digital inclusion, GovTech and cybersecurity, tourism and transit. Each will contribute to the UN Sustainable Development Goals (SDGs) agenda.

“For us, it's about moving beyond words to action. As committed as we are to these efforts and to ensuring that technology creates an economy in which everyone can thrive, it can only happen when we combine efforts with partners. We look forward to working with the CAF team on initiatives that accelerate digitalization and positive change in the lives of those living throughout Latin America,” said Darren Ware, Senior Vice President of Government Relations at Mastercard for Latin America and the Caribbean.