WHI T E PAPER

Beyond access: A look into
the drivers of long-term
financial healthA rich study combining insights and data from millions
of consumers to map the financial inclusion journeyand chart a path to sustainable financial health.
AP R IL 2024

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Contents
Foreword......................................................................................................3
Executive summary..............................................................................41

Introduction................................................................................................62

A holistic view of financial inclusion.........................................8
2.1 Financial inclusion is a journey...................................................................... 9
2.2 Why understanding usage is crucial.......................................................... 11

3

Study methodology and context............................................. 13
3.1 Brazil’s financial inclusion landscape......................................................... 15
3.2 Profile of Nubank customers in the study................................................ 18
3.3 Extrapolation and applicability in other markets................................... 19

4

Key findings and insights............................................................... 20
4.1 Movement along the financial inclusion journey:
What drives more inclusion?....................................................................... 21
4.2 Barriers to movement along the financial inclusion journey................. 25
4.3 Key factors for movement along the financial inclusion journey.......... 27
4.4 Factors unique to Nubank for movement along the financial
inclusion journey............................................................................................ 28
4.5 Key findings from focus groups................................................................... 30

5	Expanding the impact of thefinancial inclusion journey...............................................................31
6

References and acknowledgments........................................ 35
About Mastercard and Nubank......................................................................... 36
References and sources....................................................................................... 37
Acknowledgements.............................................................................................. 38

Foreword
We’ve seen the huge benefits the digital
economy has created — faster commerce, greatertransparency, more opportunities and prosperity.
And yet, today, many people who are underserved already have accessto digital financial tools — they just aren’t using them. A leading barrier
preventing them from stepping into this brave new digital world isn’t access.
It’s trust.

Michael Miebach
CEO, Mastercard

We all have a responsibility — banks, governments, financial service providers
and many others — to find more ways to build that trust. When we do, it benefits
people who are unbanked or underbanked, building up their resilience toeconomic shocks. That in turn supports their communities and, ultimately,
the global market.
We must identify, develop and maintain commercially viable, economicallysustainable and trusted financial services. They support our businesses — they
support society.
We should start by removing complexity and supporting people on theirfinancial inclusion journey. Our companies help individuals access ways tomake and receive payments in a way that is relevant to them. Our teams havepartnered in these efforts and share a commitment to do more.
Our partnership demonstrates how financial inclusion, when seen as part ofthe core corporate mission, can spark new technologies and address societal
changes at scale and in a way that delivers a win-win for all involved.

Cristina Junqueira
Co-Founder and Chief
Growth Officer, Nubank

This white paper aims to show the process of financial inclusion as it happensin the real world. It gives you a front seat to how strategies and maxims getturned into infrastructure, products and services that help people on thejourney to financial security and health.
This financial inclusion journey is far from over, with 1.4 billion adults stilllacking access to accounts, and many millions more underbanked. We must
keep working to build trust and support those on the journey to realize greater
financial health. We hope the insights in this paper inspire others and spark
action to continue driving meaningful change together.

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Executive summary
According to the World Bank’s latest Global Findex Database,approximately 75% of the world’s adults have an account.1
That number has grown significantly over the past several
years, which is a sign of real progress in the pursuit to bringmore people into the formal financial system and create
an inclusive, digital economy that works for everyone.
But that rise in access has not corresponded with a rise in
the full use of the associated tools and services that put
people on a path towards a more secure sense of financial
health. We set out to understand why.
In this innovative study, Mastercard and Nubank partnered
to investigate the needs, preferences, attitudes, goals
and behaviors of millions of consumers. Through a

combination of qualitative interviews, surveys of 2,000
Nubank customers and Brazilian consumers and granularanalysis of three years of aggregated and pseudonymized
transactional 2 and behavioral data from over 3.6 million
Nubank customers, we’ve gathered a rich set of insights
to inform how we can collectively close the gap between
account access and a sense of sustainable financial
security and health.
We mapped the experiences of people accessing and using
financial solutions and tools against the holistic financial
inclusion journey as defined by four stages and illustrated
in Figure 1 below: Access, Usage, Security and Health.

1. The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19 (World Bank).
2. All data analysis were conducted in accordance with applicable privacy and data protection legislation.

Figure 1
Financial inclusion journey stages
StagesAccessBasic access totransactional financial
services through accounts
and prepaid/debit cards

Usage
Intensive usage of the basic
solutions, and responsible useof borrowing products,
e.g., credit cards

Our analysis allows us to identify the drivers that movepeople along their financial inclusion journey, and thebarriers that may keep them lagging behind. TheseB E YO N D A C C E S S : A L O O K I N T O T H E D R I V E R S O F L O N G -T E R M F I N A N C I A L H E A LT H

Security
Effective management offinancials in the near term andability to weather near-term
shocks; e.g., investment andprotection in the short term

HealthFinancial needs fully met throughbroad product usage and ability togrow and achieve long-term goals,
weather long-term shocks andgenerate wealth; e.g., investment
and protection in the long term

are invaluable insights that will inform the design anddeployment of innovative solutions with the potential toempower people and power economies in Brazil and beyond.

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E X EC U T I VE SU M M A RY

What we learned
1. 	With a little support, people catch on fast. Integrating
financial education and behavioral design thatencourages healthy financial habits (such as automatedreminders) into the user experience can go a long way
in helping people advance on the journey. In our study,
60% of Nubank customers moved from having accessto financial tools to using them within 24 months —and 40% moved to using them within 12 months —regardless of income level.
2. 	Habitual use is key to building trust. Frequent andresponsible usage of payment instruments, including
debit/prepaid, credit cards or real-time payments,
increases familiarity and trust, leading to growing use
and accelerated inclusion.

The insights from our study are exciting. They help focus not
only our efforts but also those of our peers and partners in
the private and public sectors on the actionable opportunities
to unlock the true impact of inclusion, such as:• Driving account access and trust through entry-level
solutions, including early pathways to credit andenhanced educational tools to drive healthy habits andresponsible use.
• Enabling merchant payment acceptance, especiallyamong micro and small business owners who operate
near low-income populations, via low-cost terminals
and innovative solutions, including QR and tap on phone,to encourage frequent use (and trust) and accelerate
the shift from cash.
• Designing relevant, innovative solutions that work for
how people live to help them navigate and plan for ahealthy financial future.

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3. 	Acceptance is key to advancement. Expanding
acceptance solutions to meet everyday transaction
moments and bringing micro and small business owners
into the digital economy will drive use and create familiar
habits that foster trust.
4. 	It helps to start out small. Making payments with
debit/prepaid cards serves as a stepping stone toaccessing credit, whether that’s credit cards, personalloans or more advanced financial products. More than
three-quarters (80%) of people who used a prepaid card
used it as their first financial product, 67% of prepaid
card users went on to access loan products and 36%
went on to make investments.
5. 	Give credit where credit is due. Credit access andresponsible usage of credit early in the financial inclusion
journey are strong predictors of positive movement
toward financial health.

Further, while the scope of this study was Brazil, we believe
its approach and design provides a framework that hasapplicability to many countries around the world. The analysisof transaction data combined with qualitative consumer
feedback and an in-depth market assessment is a unique way
to examine the full breadth of financial inclusion so we canmove people beyond access and towards health.
Mastercard and Nubank share a common vision of financial
inclusion at scale — where more people prosper and more
economies thrive. This report is a result of the strength of
our partnership and shared commitment to being a force
for good. It’s good business, and it’s the right thing to do.
According to our study, by dollar value, consumer transaction
volumes can triple on average when they advance from
Access to Usage. And our report suggests that providing theright tools at the right time can enable consumers tograduate to additional, potentially profitable banking
solutions. The deployment of inclusive digital solutions thatbring more people into the ecosystem and help accelerate
their journey to long-term, sustainable financial health is a
win/win for everyone.
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1

Introduction

1 . IN TRO DUC T I O N

According to the World Bank, “Access to a transaction
account is a first step in financial inclusion since atransaction account allows people to store money
and send and receive payments.” 1
The financial inclusion
theory: helping morehouseholds gain
access to transaction
accounts is a pathway
to financial services
like savings, credit,
and insurance, which
can help improve andprotect their incomes
and livelihoods, as wellas improve the overall
quality of their lives.

That access “facilitates day-to-day living and helps families and businesses
plan for everything from long-term goals to unexpected emergencies. As
account holders, people are more likely to use other financial services, suchas credit and insurance, to start and expand businesses, invest in educationor health, manage risk and weather financial shocks, which can improve theoverall quality of their lives.”2
Our study set out to map the reality of financial inclusion against this theory.
To do so, we assembled a quantitative and qualitative view of the consumer
experience accessing and using financial services. Using real and granulartransactional and behavioral data that was aggregated and pseudonymized
from millions of Nubank customers over multiple years, and qualitative
data from thousands of surveys, interviews, and focus group discussions,3
we plotted their journey through various stages of financial inclusion. We
also identified the predictors and levers that can help steer them towards
financial health.
There is ample academic evidence that financial inclusion — especially digitalfinancial inclusion — brings both social and economic benefits that drive
broad-based growth and can help everyone.4 Using new technologies andfintech, the financial services and banking sectors can reach large untappedmarkets while helping to create sustainable and scalable growth in economies.
The financial services industry is uniquely positioned to bring stakeholders
together in this effort and to lead the drive for growth and improvement.
To help unbanked and underbanked people make informed decisions, we
can provide education on responsible financial product usage and develop
solutions that reinforce those behaviors. Measuring and tracking impact (bothpositive and negative) can help us to refine our efforts, ensuring that we canmake a tangible difference in the lives of those we serve.

1. Financial Inclusion: Overview (The World Bank). www.worldbank.org/en/topic/financialinclusion/overview
2. ibid.
3. All data analysis and collection of customer data by Nubank was conducted in accordance with applicableprivacy and data protection legislation.
4. Financial inclusion and inclusive growth: a review of recent empirical evidence (2017) World Bank
Policy Research Paper. https://documents.worldbank.org/en/publication/documents-reports/
documentdetail/403611493134249446/financial-inclusion-and-inclusive-growth-a-review-of-recentempirical-evidence

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A holistic view offinancial inclusion

2 . A HO LI ST I C VI EW OF F INANCIAL INCLUSION

2.1

Financial inclusion is a journey

Although global access to financial accounts grewsignificantly over the ten years ending in 2021, witha 50% increase in the worldwide share of adults
with an account, there hasn’t been a corresponding
increase in the full-fledged usage of these accounts
in ways that may help improve quality of life —whether by saving money, making payments, paying
bills, withstanding financial shocks or protecting
against risks with insurance.1
Because the financial inclusion journey is complex — it is non-linear,
multi-faceted and multi-stage, and it may require multiple financial
services and products, depending on the needs to be addressed — we useda framework dividing the process into four stages: Access, Usage, Financial
Security and Financial Health. We then categorized the consumers in ourstudy according to which stage best described their current financial situation,
as well as looked at how far along they were in each stage.

1. The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19(World Bank). www.worldbank.org/en/publication/globalfindex

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2 . A HO LI ST I C VI EW OF F INANCIAL INCLUSION

Figure 2 shows the financial needs of individuals at each stage of the financial inclusion journey.

Figure 2
Financial inclusion journey and need states

FI N A NC I AL I N C LUSION JOUR NEY
Access is firststep for unbanked
individuals

StagesUnderbanked havesome access but rely on
informal financial services

AccessBasic access totransactional financial
services through accounts
and prepaid/debit cards

Financial
needs

Usage

Security

Intensive usage of the basic
solutions, and responsible useof borrowing products,
e.g.; credit cards

HealthEffective management offinancials in the near term andability to weather near-term
shocks; e.g., investment andprotection in the short term

Financial needs fully met throughbroad product usage and ability togrow, weather long-term shocks andgenerate wealth; e.g., investment
and protection in the long term

KEEP

KEEP

KEEP

BORROW

KEEP

BORROW

SPEND

SPEND

SPEND

INVESTSPEND

INVESTRECEIVE

RECEIVE

RECEIVEPROTECTRECEIVEPROTECT

BORROW

Financial needs: Definitions
SPEND

RECEIVE

Debit cards, prepaid cards, credit cards,
real-time payments (RTP), bill payments,
account-to-account (A2A), mobile payments
Point of sale (POS) machine, software-based POS,
e-commerce gateway, real-time payments (RTP),
payment strips (boleto), account-to-account (A2A)

KEEP

BORROWB E YO N D A C C E S S : A L O O K I N T O T H E D R I V E R S O F L O N G -T E R M F I N A N C I A L H E A LT H

Current/checking accounts,
savings accounts, payments
accounts, wallets
Revolving or installment-based,unsecured or secured/collateral(receivables, real assets)

INVESTPROTECT

Certificates of Deposit (CDs),
fixed income (bonds), equities,
mutual funds, derivatives
Property and casualty insurance,life insurance, health insurance,
pension/annuities102 . A HO LI ST I C VI EW OF F INANCIAL INCLUSION“If people aren’t using— and benefitingfrom — new financial
tools, then the ideaof financial accessis meaningless. To
prevent that fromhappening, we needto start by listening,
and then partneringand creating services
that are relevant tolocal markets.”

2.2

Why understanding usage is crucial

As Mastercard works to bring one billion unbanked
and underbanked individuals into the digital
economy by 2025, we understand that actual usageof transactional accounts is central to our goal.
If consumers don’t use these accounts, they don’t move in the journey andmay miss out on the full benefits of financial inclusion. As a result, thebusiness case for financial services providers could potentially contract,which may stifle the investment needed to build products and services.
Consequently, financial inclusion may fall short of its potential to drive
inclusive and sustainable growth.

Michael Miebach,CEO, Mastercard

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2 . A HO LI ST I C VI EW OF F INANCIAL INCLUSION

25%The COVID-19 pandemic fueled an acceleration in both access to, and useof, digital payments, with millions of people opening and using their firsttransactional account as a result. According to the World Bank’s latest Global
Findex Database, approximately 75% of the world’s adults had an account ata bank or regulated institution in 2021.1

of the world’s adults are unbanked

Yet the World Bank also found that many individuals are still not reaping
the full benefits of financial services after gaining access to a transactional
account. For example, many account owners said they worried about meeting
their monthly expenses, or that they couldn’t access emergency funds.
In developing economies, about half of account owners made no digitalmerchant payment. A significant percentage also reported that they had
difficulty operating their accounts alone or that their accounts were inactive.
Additionally, our study findings indicate that around 50% of the world’s adult
population still lacks access to credit and relies heavily on cash. While we must
work to ensure access for the approximately 25%, or 1.4 billion, unbanked
adults in the world, it is as important to deliver the full benefits of accountownership to the approximately 75% who already have access.

50%of the world’s adults areunderbanked, lacking access tocredit and relying heavily on cash

Figure 3 shows a summary of our findings on unbanked and underbanked
adults across major regions of the globe.
1. The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19(World Bank).

Figure 3
Percentage of unbanked and underbanked adults
across major global regions — 50% of global adults
remain underbanked

Underbanked
adults (m)Cash usage(%)

Mobile penetration
(%)

World

1,414

2,829

44%

89%

North
America

15

83

21%

93%

52%

Europe

54

357

23%

96%

55%

Asia Pacific

820

1,787

59%

85%

42%

Latin
America

164

199

60%

87%

43%

Middle East
& Africa

493

403

58%

83%

Underbanked

27%

50%

8%
25%
35%
52%

Infrastructure

Unbanked
adults (m)Unbanked

5%Market:Financial inclusion need27%

Note: “Unbanked” defined as percentage of adults (ages 15+) without an account; “underbanked” defined as percentage of adults without a credit card; “mobile penetration”
defined as percentage of adults who own a mobile phone; “cash usage” defined as percentage of adults who made utility payments using cash only.
Source: BCG Analysis (2024) for World Bank Financial Inclusion Project and FinDex 2021.

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3

Study methodology
and context

3 . STUDY M ET HO DOLOGY AND CONTEXT

Our study fused qualitative research andquantitative analysis of real and granulartransactional data.
We believe the analysis of both banking and spend data combined withqualitative consumer feedback gives our findings robustness and depth.
The qualitative data came from in-depth, one-on-one interviews andfocus-group discussions with Nubank customers about their financial needs,
barriers, preferences and motivations, as well as their reactions to potential
solutions. In addition, researchers conducted two surveys of a total of 2,000
respondents including Nubank customers and a broad representative sampleof Brazilian consumers to gauge financial behaviors, health and personalgoals and achievements.
To map the financial inclusion journey, the quantitative analysis examinedaggregated and pseudonymized transactional and behavioral data from over
3.6 million Nubank customers who opened accounts between 2019 and 2021.1
Researchers performed multiple regressions to identify key indicators andpredictors of movement through the financial inclusion journey.
By studying the same population in the qualitative and quantitative analyses,
we achieved a synthesis that helped drive additional insights and validate ourfindings. For example, we could compare a group’s perception of its financial
health with the empirical reality.
We also completed a detailed case study on financial inclusion in Brazil
to understand the effects of government, financial services culture,demographics, infrastructure and the general financial condition of Brazilians.
Lastly, the study allowed us to test and validate the framework we developed.
We classified consumers according to their current stage of financial inclusion
and assigned them a financial health score, helping create a frameworkthat can potentially be extended to a wider range of consumers in othergeographical regions. It should be noted that where people land and how they
progress along the journey is based on behaviors and not income or wealth.

1. All data analysis and collection of customer data by Nubank was conducted in accordance with applicableprivacy and data protection legislation.

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3 . STUDY M ET HO DOLOGY AND CONTEXT

3.1

Brazil’s financial inclusion landscapeWith just under 220 million people, Brazil is thelargest and most populous country in Latin America
and the fifth largest in the world.1
According to the World Bank’s most recent Findex Database, 84% of adults in
Brazil had a formal financial account in 2021, up from 70% in 2017 and 56% in
2011.2 While these numbers are strong, the next step is to leverage these gains
in financial access to improve financial health — while extending access to thecountry’s remaining 27 million unbanked adults, according to the Central Bankof Brazil.
The Central Bank underscored the importance of focusing on financial healthand well-being as an outcome of financial access when it assumed thepresidency of the G20’s Global Partnership for Financial Inclusion (GPFI) in 2024.
“The aim of the Brazilian G20 Presidency — under the Presidency priority — isto deepen discussions and build a consensual concept of financial well-being asan outcome of financial inclusion to guide the GPFI work moving forward, andsuggest measurement tools that can be worked on internally in each country
and allow international comparability” the partnership’s co-chairs wrote.3
1. U.S. Census Bureau, International Database (demographic data as of July 1, 2024).
www.census.gov/popclock/world/br
2. The Global Findex Database 2021: Financial Inclusion, Digital Payments,
and Resilience in the Age of COVID-19 (World Bank).
3. 2024 GPFI Annual Work-Plan (March 2024). www.gpfi.org/news/2024-gpfi-annual-work-plan

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3 . STUDY M ET HO DOLOGY AND CONTEXT

Figure 4 summarizes findings of surveyed Brazilians and illustrates key factors
contributing to the Brazilian financial inclusion landscape.

Figure 4
Understanding the Brazilian context from our survey of the overall population

CO N T EXT AN D ROLEO F G OVERN MENT

Transformational waves withgovernment push:• Acceleration of digital access• Government push to increase accessand competition in the financial sector
through regulation

DE M OG RA PHICS• Brazil is significantly more urban
compared to the rest of the world,which fosters technology adoption andinvestments in infrastructureWorld

BrazilBrazilsurveyGender
(M/F)

50/50

49/51

48/52

Median
age

~30

~33

~35

Medianincome(US$)~$9.7k~$4.6k~$6.2k% Not
employed

~6%

~4%

15%

% Rural

~40%–
45%

~10%–
15%

~8%

• Free salary accounts• Facilitated payments
and fintech licenses

TA K E AWAYSFROM A NA LYS I S• Open banking• Real-time payment rail (Pix)offered for free through any
bank account• Scale up of major fintech players in
the distribution of financial services• COVID-19 emergency aid distributed
through state-owned bank (Caixa)
Cultural context:• Tendency toward buy now, pay later(BNPL) with interest-free installments
offered by retailers and built-in on
credit card
• Limited financial education due to rapid
increase in access

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• Population with high digitalfamiliarity and other uniquefactors primed Brazil for rapid
growth in financial inclusion• Other markets maylack some of theenabling prerequisites,or may be earlier in thematurity curve• Culture is key factor: Whileconsumers in certain markets
may eschew debt, in Brazil
it is quite commonplace
for consumers to pay ininstallments over time
• Brazil is significantly more
urban vs. worldwide, whichmeans the rapid uptake offinancial inclusion, which may
make it hard to replicate inother markets, depending on
distance/infrastructure gaps

Source: World Bank (2021);
BCG analysis (2024).

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3 . STUDY M ET HO DOLOGY AND CONTEXT

The degree of financial inclusion in any given market is largely driven by
infrastructure (for example, financial systems or physical facilities fortransportation and communications), government regulations and industry
dynamics. Our study revealed that Brazil is advanced across these dimensions
due to high urbanization; mobile penetration; federal government support;
the development of digital public infrastructure (DPI) such as Pix, a real-time
payments platform created and managed by the Central Bank of Brazil; anda robust, competitive payments landscape with many financial institutions
and fintechs.
More recently, with regard to financial inclusion in Brazil, the following
market development factors have also been relevant:•	Market regulations encourage competition in the financial services sector(among, for example, payment institutions and instant payments).
• Smartphone and technology adoption is high.
•	The pandemic accelerated the shift towards digital payments. For example,
social programs like “Bolsa Família” (Family Allowance)1 and “Auxílio Brasil”(Brazil Assistance)2 were implemented with the support of Caixa, thestate-owned financial service company, to allow bank accounts to facilitate
government disbursements.
•	A growing number of major fintech players offer “freemium” products, withbasic features or services at no cost and more advanced services at a premium.
•	The vast majority — 96% — of residents over age 15 have governmentissued identification.3
The elimination of typical infrastructure barriers to financial inclusion makes
Brazil an advantageous market for studying the process and impact offinancial inclusion independent of those barriers. For example, we found that
despite high levels of access, over 70% of surveyed Brazilians do not feelfinancially secure and/or included4 (see figure 5 on the following page). This
needs to be better understood.

1. Investment in Brazil’s Bolsa Família reaches record high in March — and its highest average value in history(2023), Brazilian Government website gov.br. www.gov.br/planalto/en/latest-news/2023/03/investment-inbrazil2019s-bolsa-familia-reaches-record-high-in-march-2013-and-its-highest-average-value-in-history
2. Brazil has the largest income transfer program in the world (2022), Brazilian Government website.
www.gov.br/en/government-of-brazil/latest-news/2022/brazil-has-the-largest-income-transfer-program-in-the-world
3. World Bank ID4D Dataset, 2021. https://databank.worldbank.org/source/identification-for-development(id4d)-data
4. Financial Inclusion Survey with Brazilian population (October 2023); BCG analysis (2024). Percentages above
include partial and incomplete responses.

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3 . STUDY M ET HO DOLOGY AND CONTEXT

Figure 5
Results from Financial Inclusion Survey with Brazilian population
Financial inclusion
Question: How included in the financial
system do you currently feel?

Financial security
Question: How financiallysecure do you currently feel?

37%

29%
29%

30%

38%

28%
Included/secure 		

Neutral 		Excluded/insecure

Source: Financial Inclusion Survey with Brazilian population, October 2023; BCG analysis (2024).

3.2

Profile of Nubank customers in the study

Nubank customers in our sample differ from the larger consumers sample inour case study. Nubank has embraced a fully digital business model, forgoing
traditional brick-and-mortar branches, and it provides financial services toaround 44% of Brazil’s adult population.1 Figure 6 highlights noteworthy data
points on the Nubank customer sample.

Figure 6
Additional behavioral data on Nubank’s customer sample in the study
Customers are young
50% of customers between
20 and 30 years of age,75% < 40 years of age

Equally distributedby gender
56% female

DIGITAL LITERACY(% of respondents)

77%
89%
Brazil survey

Nubank survey

Source: Financial Inclusion Survey with Brazilian and Nubank population. Sample obtained October 2023.
BCG analysis (2024).

1. Nu Holdings Ltd., Form 20-F (2022).
www.sec.gov/Archives/edgar/data/1691493/000129281423001671/nuform20f_2022.htm

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3 . STUDY M ET HO DOLOGY AND CONTEXT

3.3

Extrapolation and applicability in other markets

We carefully weighed if our key learnings could be applicable to other countries
and where further validation might be needed.
We employed a specific methodology to determine whether our insights
and findings can inform recommendations in other markets: namely, we
created comparative global market archetypes and conducted a deep
analysis of seven exemplar countries (U.S., Mexico, Brazil, Nigeria, Spain, India
and the Philippines) representing various stages of financial inclusion andmarket development. In addition, through detailed ethnographic research,
we developed eight globally relevant underserved consumer personas that
represent the stages of the financial inclusion journey. These personas helped
us to understand the most relevant financial needs across different markets.
These archetypes and personas structured our initial approach and helped us
form our initial hypotheses.
We validated the applicability of the key takeaways and findings in othermarkets with local experts across different markets, global thought leadersin financial inclusion and additional desk research.

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4

Key findings
and insights

4 . KE Y FI N DI N GS AND INSIGH TS

4.1	Movement along the financial inclusion journey:
What drives more inclusion?

The underserved are acommercially significant
segment. By dollar
value, customers’transaction volumes
tripled on average when
they advanced from
Access to Usage.

Our study found that 60% of Nubank’s customers
moved from Access to Usage in 24 months, and 40%
moved within 12 months regardless of income level.
We validated that progress toward financial health is driven by frequent,consistent and responsibly managed product use. Over time, frequentengagement creates habits, helps consumers become more comfortablewith products and builds trust, especially if the interactions are positive.
Our qualitative interviews supported this finding. In fact, our respondents
singled out lack of trust, rather than lack of access, as the major barrier
preventing them from using financial solutions like savings, investments andlending products.
Frequent and consistent product use also generates transactional data thatcan reveal consumers’ needs and readiness for other products. Especiallyat the point of transaction, these insights can be used to nudge customers
towards educational resources and products that can guide them along thejourney. For example, billers could remind customers about their scheduled
payments on the due dates, preventing delays and penalties. Acrossproducts, Nubank’s app experience educates users by explaining fees, terms
and conditions.
Generally, the more customers used products responsibly — and the moreproducts they used — the more positive their progress towards financial
health. In addition, by dollar value, customers’ transaction volumes tripled on
average when they advanced from Access to Usage based on more consistentusage of a broader range of products and services to meet their needs.
Driving higher spend helps drive revenues and key primary banking behaviors,
which in turn help drive profitability. This demonstrates that if addressed
correctly, by providing the right tools at the right time, financially underserved
consumers can graduate to additional potentially profitable banking solutions
and can be a commercially viable segment. This is yet another key finding:Financial inclusion offers a strategic opportunity for the banking andfinancial services sector to help generate sustainable growth.

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4 . KE Y FI N DI N GS AND INSIGH TS

The study showed that rising levels of disposable income is a strong indicatorof forward movement in the financial inclusion journey and progress towardfinancial health. However, frequent, consistent and responsible use of any
digital payment, including prepaid/debit cards, credit cards and real-time
payments, is a more accurate predictor of progress towards financial healththan income.

Responsible andconsistent usageof digital payment
methods is a better
predictor for financial
health than income.

We believe this may be, at least in part, because debit/prepaid cards can bea pathway to credit and other advanced products. According to our study,
for 80% of prepaid card users, it was their first financial product; 67%
went on to access loan products (such as personal loans or financing), 36%
made investments and 4% took out insurance. For added context, Nubank’s
customer journey is designed to accommodate multiple pathways to credit.
Those applicants who do not get approved for a credit card at first may still
be offered a digital “NuAccount” that offers other services like savings and achecking account.
Our findings show that responsible use of credit in particular is a strong
predictor that a consumer is moving towards financial health and will
graduate to other financial products, like loans and investments. On theother hand, respondents who used credit less responsibly as a financing toolfor high-priced items, generating high revolving balances and/or missing
payments — while also relying heavily on a limited set of financial products —were much more likely to face worsening financial health. Therefore, lenders
should teach those who are underserved how to use credit responsibly andmanage cash flow as a key to accelerating the financial inclusion journey.
Our study estimates that 50% of the world’s adult population still lacks accessto credit and relies heavily on cash. Nubank believes its business model may
address this issue, and they challenge the traditional view that credit takes
time to earn and should be granted later in the journey. According to Nubank,their proprietary data and credit underwriting models allow them to offer
an amount of credit to customers early in their financial inclusion journey. To
bring more people into the financial system, Nubank uses a “low-and-grow”
strategy: they grant lower credit limits to new customers (based on theirrisk profile) and raise these limits in response to positive use and payment
history. To better understand their financial needs, risks and behavior, Nubank
collected an average of over 30,000 data points per monthly active customerin 2022. This helped the company suggest products that it believes may bebeneficial to each customer based on their specific financial situation.

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4 . KE Y FI N DI N GS AND INSIGH TS

Here are more detailed views of the data. Figure 7a shows how consistentusage spurs consumers along the path to financial health.
Figure 7a
Nubank case study: Consumer movement along financial inclusion journey
primarily driven by consistent product usage
Financial inclusion journey mapping for customers who started banking in 20211

3%

Sample size

Vast majority of customers
start journey at Usage stage

Usage

71%

Usage
40% of customers
move to Usage within
12 months

26%

AccessHealth stage 6 months
after banking

60% of customers
move Usage within
24 months

Access
12 months
after banking

24 months
after banking

Responsible credit usage
Credit usage has highest impact on movement up thejourney; customers with more frequent credit usage are
more likely to move up with healthy usage.
Overall product utilization
Increased product usage, distribution of products andduration was correlated with increased financial health.
Pix usage
Using noncash channels has an equivalent impact onmovement as disposable income; total value moved throughPix correlates with movement to security.
Savings/disposable income
Savings has a bigger impact on movement from accessto usage but less impact than other factors whenmoving to security.
1. For customers who started banking with Nubank between January and June 2021, and who wereable to have financial health reviewed for full 24-month period following such account opening. All data
analysis and collection of customer data by Nubank was conducted in accordance with applicable privacy
and data protection legislation.
2. Consistent customer cohort only includes customers who had active banking history 6 months and24 months after becoming active. Only showing movement of 2k+ customers. Thickness of lines areproportionate to number of people. Source: Nubank provided data, BCG analysis (2024).

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4 . KE Y FI N DI N GS AND INSIGH TS

Figure 7b illustrates how prepaid cards can act as a gateway to better
financial health.
Figure 7b
Access to prepaid cards can be a pathway to improving financial health
Financial inclusion journey mapping for customers who started withprepaid card in 20211

62%

Usage

Usage

Usage
~60% of customers thatstart at Access move toUsage within 12 months and~75% within 24 months

38%
AccessHealth stage
3 months
after banking

Access6 months
after banking

Access
12 months
after banking

24 months
after banking

Savings balance for customers who started with prepaid card1$506

Average savings balance

R$600
R$500
R$400

$325

R$300

Savings balance for customers
has grown by 1.5x between
6–24 months

R$200
R$100
R$0

0

6

12

18

24

Months after banking

1. For customers who started banking January–June 2021 and monitoring financial health up to 24 months
after. All data analysis and collection of customer data by Nubank was conducted in accordance withapplicable privacy and data protection legislation.
2. Only showing movement of 2k+ customers. Thickness of lines are proportionate to number of people.
Source: Nubank provided data, BCG analysis (2024).

The data shows that digital public infrastructure (DPI), like the national
real-time payments platform Pix, drives access to financial services. However,according to the study findings, the addition of other transactional products,
like debit/prepaid and credit cards, encourages more consistent use offinancial services that is essential for consumers to progress further towards
financial health.
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4 . KE Y FI N DI N GS AND INSIGH TS

4.2	Barriers to movement along the financial
inclusion journey
To progress through the stages of financial inclusion, the underserved mayneed help from specific behavioral and infrastructural enablers. Figure 8
illustrates the various barriers that may occur along the journey.

Figure 8
Financial inclusion is a journey, and movement along the journey requires specific behavioral and infrastructure
enablers at each stage for the unbanked and underbanked

ACCESSUSAGE

SECURITY/HEALTHThe individual lacks access to an account: Due to geography, lack of digitalaccess or entrenched behaviors (e.g., fears, concerns), individuals face criticalbarriers that may make it nearly impossible to participate in the economy

The individual cannot use his/her card where he/she wants to: Scarcity of merchant acceptance points limits
ability to pay where they want to and how they want to, especially at micro, small and medium enterprises(MSMEs); lack of card acceptance limits ability to shift to cashless society and can cost customers, given implicit
cost and inefficiency of using physical cash

The individual lacks flexibility/liquidity from credit: Lack of accessto credit limits customer flexibility and ability to plan for the future

The individual is unable to plan for the future: Despite knowledge andaccess to savings/investment/insurance products, uptake of financial
services can remain low, preventing a greater ability to weather shocks

The individual does not know how to navigate the financial inclusion journey and improve his/her situation: Challenging user experience (UX), limited
customer education/understanding of what is required, previous negative experiences and product complexity prevent regular adoption/usage of products

Infrastructure/industry barriers

Consumer barriers

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4 . KE Y FI N DI N GS AND INSIGH TS

Barriers when moving from excluded to Access
Both personal attitudes and infrastructure barriers may impair underserved
individuals in moving from excluded to Access in their financial inclusion
journey. For example, a person may fail to gain Access if they lack theidentification documents required to open an account or if their area lacks
digital connectivity infrastructure. In addition, they might stall because they
don’t trust digital financial services, due to either limited understanding of the
products or a previous bad experience. Unless these barriers are addressed,
they may make it almost impossible for underserved individuals to get accessto a financial account and participate more fully in the formal economy.

Barriers when moving from Access to Usage
When trying to advance from Access to Usage, customers may also contend
with merchants who don’t accept electronic payments. They may also be
hampered by limited access to micro-merchants via cards and Pix, and they
can’t take advantage of the flexibility and liquidity that electronic payments
and credit enables. The absence of payment acceptance infrastructureis the most critical barrier in this phase, as it can prevent underserved
consumers from paying where and how they want to, especially at micro-,small- and medium-sized enterprises (MSMEs), impeding their shift fromcash to electronic payments. Because they may not be using electronic
payments frequently or consistently, they are less likely to form the habitsthat will promote their comfort with — and trust in — financial services.
Unease with digital products is one of the major barriers to progress on thefinancial inclusion journey.
Because credit scores and risk assessments are typically based on records
like loan and credit card accounts, consumers who don’t often use payment
instruments may be denied credit cards, loans, leases and other financial
services — regardless of their ability to make payments. That can further disrupt
their progress, because earlier access to credit and responsible use of borrowing
products have a significant impact on progress towards Financial Health.

Barriers when moving from Usage to Security and HealthOn the final stage of the journey, from Usage to Security and Health,consumer barriers may often be as formidable as infrastructure issues.
Doubt, misperception and lack of education all inhibit the responsible useof advanced tools, such as investments and insurance, that help consumers
weather longer term financial shocks. Enlisting behavioral data to encourage
healthy financial habits — via features like consumer controls and payment
reminders — is key to supporting consumers and habituating them toplanning for the future.

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4.3	Key factors for movement along the financial
inclusion journey

Customers withmore frequent credit
usage were more
likely to move along
the journey withresponsible usage.

According to our analysis of the aggregated and pseudonymized data provided
by Nubank, after opening a Nubank account, customers tend to start with alimited set of basic financial products, usually a credit card or prepaid card or
the domestic real-time payments platform. Approximately 50% of Nubank
customers have a credit card overall. For the Nubank customers we surveyed,
100% of them had a credit card at some point. Over time, customers may
progress to more advanced products, such as loans and investments.
As mentioned already, customers who used credit often (and responsibly) weremore likely to advance, as were customers with frequent inflows from real-time
payments. Younger and higher-income customers are also more likely to moveto the Usage stage after opening an account. Responsibly managed credit
usage remained a strong factor in reaching Financial Security and Health.
On the other hand, the behaviors that damage financial health reveal
underserved or newly served consumers’ remaining needs. In particular,potentially eschewing or using credit less responsibly — carrying over largebalances, financing large-ticket items and missing loan repayments —impaired financial health, as did saving less. Frequent real-time payments,
especially with high outflows, also limited progress, suggesting customers
need to improve their expense tracking and management.

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4 . KE Y FI N DI N GS AND INSIGH TS“The data from thisstudy underscores
the market potential
in Brazil and Latin
America to promote
financial inclusion for
millions of unbanked
and underbanked
individuals bysimplifying thecomplexity in thefinancial sector.
Empowering people
with control overtheir finances not
only drives regional
economic growth but
also fosters a positive
global impact in theircommunities.”
Cristina Junqueira
Co-founder andChief Growth Officer

4.4	Factors unique to Nubank for movement along
the financial inclusion journey
According to research from Data Nubank, Nubank ushered 5.7 million
Brazilians into the credit market between July 2021 and July 2022.1 To put
the findings of the study in context, we highlight below several of the uniquefactors that Nubank believes are responsible for their results:
First, Nubank leverages data for its decisions, most importantly in assessing
customers and targeting specific products during different stages of theirjourney. As referenced earlier, to evaluate customers with no formal credit
history, Nubank uses their “low and grow” strategy, in which they offer lower
credit limits to new customers based on their credit risk profile and thenselectively increase these limits based on positive usage and payment history.
This is then added to their proprietary credit scoring model that analyzes
their spending, payment and investment profiles. According to Nubank, thishas been critical in helping customers overcome barriers in the first phase of
the journey and graduate through later stages, establishing a potential pathto more sustainable credit access.
Nubank also takes advantage of its growing pool of data to develop and feed
their risk assessment models. They leverage data from digital payments,
including card transactions and real-time P2P and P2M payments, as wellas public sources such as credit bureaus. They also gather information on
payment history and spending patterns. All data is protected by their dataprotection policies. As Nubank collects more data, they believe they can better
assess customer needs, risks and behavior and diversify product offers.
Second, since its formation in 2013, Nubank has been on a mission to createa superior customer experience with products that are designed to be easy
to use, transparent and low-cost when compared to market alternatives.
For example, according to Nubank, their digital checking and savings accountis designed to be easy to open, and the Nubank app allows customers tomonitor in real-time how close they are to their credit limit.

1. Nubank included 5.7 million Brazilians in the credit market in one year (2023), Nubank Newsroom.
https://international.nubank.com.br/company/nubank-included-5-7-million-brazilians-in-the-credit-marketbetween-july-2021-and-july-2022/

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4 . KE Y FI N DI N GS AND INSIGH TS

Third, Nubank embeds financial education resources andclear explanations of product features, fees and risks into
the user experience. As Nubank customers increase theirfinancial resilience and control, this includes resourceson savings, investments and insurance. Reaching over
80 million visits on their news blog alone and more than
13 million followers in their social media in 2023, Nubank
believes it is a leader in democratizing access to financial
education. On their proprietary channels, they publish
educational content on topics of general interest, such as
income tax returns, entrepreneurship and fraud prevention.
According to Nubank, they believe this is a highly

differentiated and powerful tool to strengthen their brand,
attract new customers and engage existing ones.
Fourth, Nubank believes they have developed a strong
customer experience. Customers can contact Nubank via
their smartphone app or by phone, chat, social media or
email. Here, too, Nubank puts data to work, analyzing acustomer’s prior interactions with the smartphone app
to predict service inquiries and route them to the correct
support team. Figure 9 summarizes the unique Nubank
experience along the journey.

Figure 9
Financial inclusion journey varies for individuals, with common themes emerging
I L LU ST RAT I VE FI N A NCIAL INCLUSION JOUR N E Y

EXCLUDEDACCESSUSAGE

28% of respondents

Sets up money
movement accountLevel ofconfidenceKeyproductacquisition
timeline

report relying on
friends and family togain financial literacy1

Opens and/or funds
savings accountBegins making small direct
investments but respondents
report worries about the risk
without having more knowledge

Approved for 1 or morecredit cards or a loan

Withdraws
from savingsto pay debt

Application for credit isrejected; respondents indicate
feeling frustrated

Prepaid
80% ofcustomers began
their financial
inclusion journeywith a prepaid
product

Money movement2

Nuconta
account card

Credit card

Loan

100% of90 Median

122 Median

70% ofcustomers openeda money movement
account as their firstor second financial
product

HEALTH

Applies and isapproved forsmall business loan

Applies for line of credit

Opens
prepaid/bankaccount

SECURITY

numberof daysfrom Money
Movement(e.g., Pix) toprepaid card

numberof daysfrom Money
Movement(e.g., Pix) tocredit cardcustomers
take out aloan as their
3rd or 4th
financial
product

42% correlation
between financial
literacy and productuptake funnel1

Investments

Insurance

Advanced products typicallyadopted after 1.5 years ofregistering with Nubank

Complexity of financial product from low to high
1. Based 2023 activity of a sample of Nubank who started banking with Nubank in 2021, data shared Sept.–Oct. 2023.
2. Money movement accounts include tools like Pix. Source: Nubank provided data; BCG analysis (2024). All data analysis andcollection of customer data by Nubank was conducted in accordance with applicable privacy and data protection legislation.

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4.5

Key findings from focus groups

Our focus groups provided valuable insight into the needs, desires andexpectations of consumers to inform how to best serve them.

Consumers prefer financial inclusion solutions that educate,
simplify their lives and automate financial tasks, while keeping
a low-friction experience (e.g., not overwhelming with numberof alerts).

Financial education programming is considered a crucial financial
inclusion solution; however, many consumers reported avoiding
it due to the perception that it’s complex, time-consuming andonly meant for a privileged few.

Fear of solutions that imply paying interest rates is widespread,but many also think that financial education can help alleviate
this fear by promoting understanding of how to manage debt.

Uncomfortable with solutions that change the timing of income
and expenses (e.g., payments postponements) which may
disrupt current routines and create anxiety about the ability toeffectively manage financial responsibilities. These are, however,perceived as a buffer for emergencies.

Consumers desire financial inclusion solutions but lack thewillingness to pay, especially due to financial constraints. In theiropinion, providing “freemium” access may empower individuals
to build financial reserves and eventually afford these productsin the future.

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5Expanding the impact of thefinancial inclusion journey5 . E X PAN DI N G T HE IMPAC T OF TH E F INANCIA L IN CLU SION J OU RN E Y

Based on these insights, we can recommend
strategies to facilitate the financial inclusion journey
and magnify its impact.
Looking to the broader financial services industry, the banking sector andstakeholders can address infrastructure and consumer barriers. Financial
institutions should continue to provide account accessibility and expand
merchant payment acceptance. They can also broaden credit access by
exploring alternative data and faster paths to credit. In addition, they canleverage behavioral data to develop solutions for the underserved andprioritize customer resilience and financial education.

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5 . E X PAN DI N G T HE IMPAC T OF TH E F INANCIA L IN CLU SION J OU RN E Y

Recommendations to address infrastructure andindustry barriers• Drive account access:–	Leverage entry-level products like debit/prepaid cards and real-time
payments to facilitate the transition from cash.
–	Educate and build trust by explaining the value of digital payment
instruments.
–	Create solutions that help individuals prove and authenticate theiridentity to eliminate a key barrier to accessing financial services.
• Drive merchant payment acceptance to encourage frequent use:–	Foster digital payment acceptance — and facilitate the shift away fromcash — among micro- and small-business owners who operate near lowincome populations by continuing to innovate and distribute low-cost
terminals and solutions such as tap-on-phone and QR.
–	Drive payment acceptance in everyday usage situations, such as masstransit and utilities, to help low-income populations pay digitally more
often to form a habit of using digital payments.

• Provide earlier access to credit and encourage responsible use:–	Extend appropriate credit to the underserved segment. Alternative dataand paths to credit, such as alternative credit scoring and alternative
lending, can help overcome a thin or nonexistent credit history.
			o	Alternative Credit Scoring: Rather than relying solely on
traditional sources to determine creditworthiness, providers should
consider alternate information, such as rent and bill payment
history, device ownership, internet use, ownership of certain
durable goods and the condition of the applicant’s home (seeSection 4.4 for detailed examples from Nubank).
			o	Alternative Lending: These tools broaden access to credit andhelp consumers manage financial resources. Examples are payrollloans, earned wage access (the ability to collect a portion of one’s
earned wages outside the traditional pay cycle) and embedded
financing provided by retailers and marketplaces.
–	Explore open banking/finance solutions, which provide access toalternative and shared data sources, breaking traditional barriers andcreating a more inclusive financial sector.

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5 . E X PAN DI N G T HE IMPAC T OF TH E F INANCIA L IN CLU SION J OU RN E Y

Recommendations to address consumer barriers• Educate consumers to plan for the future:–	Design easy-to-use solutions that enable secure management and storageof funds. For example, personal financial management tools and round-up
and save features, like Nubank’s Money Boxes and Payment Assistant, canhelp customers organize their savings and recurring expenses.1• Help customers navigate the financial inclusion journey:–	Integrate behavioral design to develop solutions that encourage healthyfinancial habits, such as automated nudges and reminders.
–	Implement social impact initiatives that focus on financial educationand digital literacy — especially during a transaction — as part of theuser experience.

Conclusion
In addition to benefiting the underserved, financial inclusion represents aneconomic opportunity, amplifying its potential social impact. We challenge
others to join Mastercard and Nubank in tackling the barriers to financial
inclusion. By designing solutions that meet the needs of the underserved,
we can attain maximum outreach and support the long-term sustainabilityof a financial sector that benefits all.
To explore opportunities together, contact your Mastercard
account representative.

1. How Nubank launched ‘Caixinhas’ (2022) (Nubank).
https://building.nubank.com.br/how-nubank-launched-caixinhas/

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6References andacknowledgments

6 . R E FEREN CES AND ACKNOW LEDGMENTS

About Mastercard and Nubank

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our
mission is to connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart andaccessible. Using secure data and networks, partnerships and passion, ourinnovations and solutions help individuals, financial institutions, governments
and businesses realize their greatest potential. With connections across morethan 210 countries and territories, we are building a sustainable world that
unlocks priceless possibilities for all.
For more information, visit www.mastercard.com.

About Nubank
Nubank is one of the world’s largest digital financial services platforms,
serving around 94 million customers across Brazil, Mexico and Colombia. As
one of the world’s leading technology companies, Nubank has been leadinga shift in the industry, leveraging proprietary technologies and innovative
business practices to create new financial solutions and experiences forindividuals and SMEs that are simple, intuitive, convenient, low-cost andhuman. Guided by a mission to fight complexity and empower people, Nubank
aims to cater to customers throughout their complete financial journey,
offering products and features that fit their needs, all while connecting profit
and purpose to create value for its stakeholders and have a positive impact
on society.
For more information, visit www.nubank.com.br.

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6 . R E FEREN CES AND ACKNOW LEDGMENTS

References and sources

1. Financial Inclusion: Overview, The World Bank (2024) [Website].
www.worldbank.org/en/topic/financialinclusion/overview
2.	The Global Findex Database 2021: Financial Inclusion, Digital Payments,
and Resilience in the Age of COVID-19 (2021), World Bank [Report].
www.worldbank.org/en/publication/globalfindex
3.	Financial inclusion and inclusive growth: a review of recent empirical evidence (2017),[World Bank Policy Research Paper].
https://documents.worldbank.org/en/publication/documents-reports/
documentdetail/403611493134249446/financial-inclusion-and-inclusive-growth-areview-of-recent-empirical-evidence
4.	2024 GPFI Annual Work-Plan (2024), The Global Partnership for Financial Inclusion(GPFI) [Report].
www.gpfi.org/news/2024-gpfi-annual-work-plann
5. ID4D Global Dataset 2021: Global ID Coverage Estimates (2022), World Bank [Dataset]
https://databank.worldbank.org/source/identification-for-development-(id4d)-data
6.	Financial Inclusion Survey with Brazilian population (2023),
Boston Consulting Group [Survey].
7. Nu Holdings Ltd., Form 20-F (2022) [SEC Filing].
w ww.sec.gov/Archives/edgar/data/1691493/000129281423001671/
nuform20f_2022.htm
8.	Nubank included 5.7 million Brazilians in the credit market in one year (2023), Nubank
Newsroom [Website].
	https://international.nubank.com.br/company/nubank-included-5-7-million-braziliansin-the-credit-market-between-july-2021-and-july-2022/
9. How Nubank launched ‘Caixinhas’ (2022), Building Nubank blog [Website].
https://building.nubank.com.br/how-nubank-launched-caixinhas/

Nubank is licensed by Mastercard to offer certain Mastercard-branded
products. Information about Nubank and its products and services has been
provided by Nubank. For more information, including terms and conditions
related to such products and services, see https://nubank.com.br/en/.

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6 . R E FEREN CES AND ACKNOW LEDGMENTS

Acknowledgements
This white paper is based on a joint study between Mastercard and Nubank,which was conducted by a team of consultants and researchers at Boston
Consulting Group (BCG).
Mastercard, Nubank and BCG would like to thank the study participants,
survey respondents and the experts who were consulted during the study,
especially those who helped in validating key hypotheses and cross-country
validation of findings.
The authors gratefully acknowledge that the development of this white
paper also significantly benefited from the input and support provided byan outstanding group of sponsors and reviewers representing a balance ofexpertise in payments, banking, financial inclusion and financial services,
as well as regional and market-level knowledge. The reviewers provided
invaluable insights and served as a sounding board, challenging us to
improve this white paper through their thoughtful feedback, discussions
and additional background information. We want to thank each of themfor sharing their time and expertise. While the white paper has significantly
benefited from their guidance, the views it contains may not necessarilyreflect the views of our sponsors.

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Authors
Caroline AfonsoHead of ESG, Nubank
Guilherme Vieira
ESG Director, Nubank
Eleine Polido
Senior Vice President, Financial Inclusion Products, Global, Mastercard
Mohammad Rizwanullah
Vice President, Financial Inclusion Products, Global, Mastercard

Mastercard Executive Sponsor
Bunita Sawhney
Executive Vice President, Consumer Products and Processing,
Product and Engineering

Nubank Executive Sponsor
Cristina Junqueira
Co-Founder and Chief Growth Officer

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