Mastercard Center Connects Entrepreneurs in Indonesia with Economic Opportunity
The Mastercard Center for Inclusive Growth recently announced a partnership with Mercy Corps to aid entrepreneurs in Malang City and Malang District overcome barriers for growth, and join the formal economy and build more resilient and sustainable businesses.
These entrepreneurs are really important in helping out the Government in Indonesia to achieve its National Strategy for Inclusive Finance and to boost equitable growth.
Presently, micro and small businesses account for over 95 percent of all enterprises in Indonesia and employ over 90 percent of the country’s labor force, but face several obstacles.
Some of the obstacles include lacking the knowledge and skills necessary to optimize and grow their businesses. Also, very few banks serve the remote or isolated areas where these businesses are located. Operating informally presents challenges that aren’t ideal for Indonesian enterprises when accessing financial resources. Lastly, they are unable to expand their operations due to limited understanding about market demands.
“Too many entrepreneurs, many of them women, remain disconnected from the networks and resources they need to thrive in today’s economy, like financial services,” said Shamina Singh, president of the Mastercard Center for Inclusive Growth. “Our partnership with Mercy Corps can help empower these business owners with the tools and training needed to grow their businesses and advance the lives of their families and communities.”
The newly forged partnership aims to increase access to the products and services of formal financial institutions and other resource providers-combining these entrepreneurs to private sector entities and community business organizations to enhance their market access.
“Mercy Corps is excited and proud to partner with Mastercard on this initiative to promote inclusive and equitable economic growth for entrepreneurs and vulnerable populations in Indonesia and ultimately to help people to triumph over adversity and to build stronger communities,” said Jared Rowell, Mercy Corps Regional Manager of South and East Asia.”