NEW YORK – The National Urban League has partnered with MasterCard to promote financial literacy in underserved communities, National Urban League President and CEO Marc H. Morial announced today.
“Economic empowerment requires a thorough understanding of financial transactions,” Morial said. Noting that fewer than 50 percent of Black families own their own homes. More than half have no investments and only about a third have savings accounts. “There is a critical need within the African-American community for programs like MasterCard’s that help consumers maximize their money and small business grow. “
The MasterCard “Master Your Card” community empowerment initiative will reinforce existing financial education activities at the National Urban League.
“As a company, we’ve seen first-hand the impact that access to and use of the right tools and services can have in empowering people and bringing them into the financial mainstream,” said Tim Murphy, general counsel and chief franchise officer of MasterCard. “I’m honored to bring the insights and experiences from our global organization to help the National Urban League support consumers’ efforts to live productive, rewarding lives.”
Murphy was recently elected as a National Urban League Trustee.
Since its inception, the Master Your Card program has worked hand-in-hand with community leaders to identify the challenges facing the underserved and to create solutions that enable them to enter the financial mainstream.
The group’s advisory boards collaborated in the development of the MasterCard payroll card standards, a set of minimum requirements ensuring that consumers receive greater insight on how to access their pay through educational resources and increased transparency of any fees.
The National Urban League is a civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. Founded in 1910 and headquartered in New York City, the National Urban League spearheads the efforts of its local affiliates through the development of programs, public policy research and advocacy. Today, the National Urban League has 94 affiliates serving 300 communities, in 35 states and the District of Columbia, providing direct services that impact and improve the lives of more than 2 million people nationwide. To learn more about the National Urban League, visit www.nul.org and follow us on Twitter @NatUrbanLeague.
MasterCard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.