(Nairobi) – Mastercard has announced the launch of a free online financial literacy course designed to help individuals, particularly those in underserved communities, understand and manage their personal finances. The course, titled “Master Your Card: Finance Demystified,” is available worldwide and aims to equip learners with the knowledge and tools needed to navigate complex financial concepts and improve their financial well-being.
The course is a collaboration between Mastercard Academy and the Mastercard Center for Inclusive Growth. It is part of Mastercard’s broader mission to democratize financial education and provide accessible resources to those who need them most, especially in developing economies where financial literacy remains low.
According to a global financial literacy survey referenced in Mastercard’s press release, only 33% of adults worldwide are financially literate. The survey further revealed that financial literacy rates are even lower among women, with only 30% of women being financially literate compared to 35% of men. This leaves around 3.5 billion adults globally without a basic understanding of financial principles.
In Kenya, a country with a population of approximately 50 million, only 38% of adults are financially literate, according to the 2021 Global Financial Literacy Survey. This is slightly lower than Tanzania, which stands at 40%, and South Africa, where 42% of adults are financially literate. These statistics highlight the pressing need for accessible financial education in the region.
Driss Belemlih, Executive Vice President of Customer Delivery for Eastern Europe, Middle East, and Africa at Mastercard, emphasized that the course will help individuals achieve their financial goals and avoid common financial pitfalls. The training will also enable participants to manage their finances with greater confidence and clarity.
Mastercard’s new financial literacy program aims to remove geographical barriers to education and improve access to financial services. This initiative is aligned with the company’s goal of connecting one billion people worldwide to the digital economy by 2025. The course is designed to be highly interactive, featuring lessons, quizzes, and real-world examples in four key areas: electronic payments, budgeting, credit scores, and financial security.
The course is available to individuals globally, emphasizing Mastercard’s commitment to education as a key driver of economic growth. Belemlih stated, “At Mastercard, we are dedicated to democratizing financial literacy and ensuring that everyone has access to the tools they need to achieve their financial goals. Our new free online course removes the confusing jargon and cracks the code on everyday finances.”
This initiative is expected to significantly impact Mastercard’s customers, helping them reach underserved segments such as the unbanked, youth, and gig workers. By offering the course to these groups, Mastercard aims to integrate them into the digital economy while also fostering brand loyalty among future users of their services.
A report published by The World Bank Economic Review supports the idea that financial education leads to better financial behavior. According to the report, individuals who engage in financial literacy programs tend to show improved financial decision-making and are more likely to adopt positive financial practices.
Mastercard Academy, known for its on-demand and instructor-led training programs, typically serves Mastercard’s customers and partners. However, with this new course, the company is expanding access to the public, offering valuable insights and practical skills for success in managing finances in today’s digital economy.
Mastercard’s financial literacy course is just one example of the company’s ongoing commitment to education and economic empowerment. By equipping individuals with essential financial skills, Mastercard hopes to pave the way for greater financial inclusion and economic opportunity, particularly in developing regions.
Table: Global Financial Literacy Rates
| Country | Financial Literacy Rate (%) |
|---|---|
| Kenya | 38% |
| Tanzania | 40% |
| South Africa | 42% |
| Global Average | 33% |