Citi Bank is joining Mastercard’s City Possible network to support local residents and small businesses through public-private sector collaboration.
The partnership will allow City Possible network members access to Citi Start Saving, a program for US municipal and non-profit organisations to expand access to financial services in underserved and low-income communities.
Members will also have access to City Builder by Citi platform which includes community investment opportunities on over 16,000 US cities, 73,000 census tracts, 485 community development projects and 180 funds and community development entities.
Miguel Gamino, executive vice president, enterprise partnerships and head of global cities and City Possible at Mastercard, said: “Cities need to think about how to adapt to a digital world in a way that leverages technology to bring more people into the digital economy. Partners like Citi allow us to continue to expand the range of solutions we can provide to the City Possible network, which has already played an important role in helping to build more inclusive communities.”
Both Mastercard and Citi have a longstanding partnership. Last year, Citi joined Mastercard’s Priceless Planet Coalition as a founding partner. The coalition which combines the efforts of consumers, financial institutions, merchants, and cities aims to fight climate change through the restoration of 100 million trees over five years.
Sustainability and financial inclusion have been a major area for Mastercard. Last month, the payment giant launched a global sustainability innovation lab in Sweden to propel work on financial inclusion, 5G technology, and advanced artificial intelligence to tackle environmental challenges.
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