US-based multinational financial services provider, Mastercard recently announced its partnership with the city of New Orleans for the Crescent City Card program. The company aims to empower underbanked residents through the latest initiative.
The new program will boost financial inclusion. Moreover, residents of New Orleans will have better access to City services like NORD recreation centers, parks, libraries and public transportation. According to Mastercard, New Orleans is one of the seven cities in the company's $500 million ‘In Solidarity’ initiative through which Mastercard is planning to close the racial wealth and economic gap for Black Americans.
Crescent City Card program will provide efficient services to the residents of New Orleans. The card is expected to be introduced in the Spring/Summer of 2022. The program will provide equitable growth opportunities in the city.
“Mastercard is proud to join Mayor Cantrell, the City of New Orleans, and MoCaFi to introduce this first-in-the-nation partnership connecting New Orleans residents and businesses to the digital economy,” said Linda Kirkpatrick, President of Mastercard North America.
“With our product innovation and insights, Mastercard is helping cities like New Orleans accelerate recovery with equity and resiliency in mind, so they are better equipped for the future. We are committed to investing in New Orleans and look forward to partnering on new solutions like the Crescent City Card that support citizens and small businesses who call this great city home,” Kirkpatrick added.
In October 2021, Mastercard enhanced its partnership with the financial services provider, Citi to facilitate small businesses.
Financial Resources
According to LaToya Cantrell, the Mayor of New Orleans, the new program will provide much-needed financial resources to the local residents. In addition, Cantrell outlined the significance of financial education for the unbanked.
“My administration continues to identify innovative ways to serve and empower our residents and will make sure that the unbanked are banked and have access to financial education and other resources so that they can attend to basic needs and continue to invest in themselves. We are strategically focused and being intentional in meeting our people where they are as we invest in their future,” Cantrell said.
