Mastercard is working with the City of New Orleans to launch a card program that is designed to promote financial inclusion, access to emergency disbursements, incentives to drive economic growth, empower underbanked residents and provide better access to City services such as NORD recreation centres, parks, libraries, and public transportation, according to media reports. The announcement was made by New Orleans Mayor LaToya Cantrell, along with executives of Mastercard, Mobility Capital Finance and Forward Together New Orleans.
Cantrell told the media, “This series of initiatives will address racial and wealth gaps that we know are prevalent right here in our city. 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.”
As a part of this partnership, Forward Together New Orleans Mayor’s Fund also launched the Hurricane Ida Emergency Relief Program in September to distribute $190,000 to residents for recovery efforts. These funds are being disbursed through an Immediate Response Card furnished by MoCaFi.
Additionally, another 125 youths will participate in the New Orleans guaranteed income programme from December and will receive $350 a month for ten months via a MoCaFi immediate Response Card. Along with this, the card will also provide access to recreation centres via contactless technology.