“The challenges we face today require creativity and collaboration. It’s about getting one plus one to equal ten.”

In an era of rising inequalities and global economic uncertainty, the need for inclusive growth – that is, economic growth that can benefit many - has never been more urgent. Bridging gaps in financial access, supporting small businesses, and ensuring that innovation benefits everyone are no longer aspirations— they are an imperative for building a more equitable world. 

With a wealth of experience in social impact and inclusive growth, Payal Dalal has established herself as a prominent leader in the field. Currently serving as the Executive Vice President of Global Programs at the Mastercard Center for Inclusive Growth (the Center), Payal oversees the organisation’s philanthropic investments worldwide. Her journey spans roles in international philanthropy and politics, including positions at the Global Philanthropy Forum, the Earth Institute at Columbia University, and as a Program Advisor to the Clinton Global Initiative. But beyond her accolades, Payal’s commitment to social impact is rooted in a deeply personal motivation that began in her childhood.

A Personal Journey Towards Impact

“It is thanks to my parents,” Payal shared, reflecting on her upbringing as the daughter of Indian immigrants in Texas. Every year, her parents took her to visit emerging markets, from India to Kenya. “Very early on, I saw that kids my age didn’t have the same opportunities I did, especially around education.” These experiences shaped her worldview, sparking a lifelong passion for ensuring equal access to education and economic opportunities. By high school, she was already engaged in community work, translating for non-English speakers and supporting initiatives to help the homeless and unhoused.

This early exposure instilled in her a sense of responsibility—a thread that continues to guide her work today. “Everyone deserves equal opportunities,” she emphasised. “That has always been my guiding principle.”

Mastercard’s Vision for Inclusive Growth

The vision is to advance equitable and sustainable economic growth and financial inclusion around the world. Payal’s work at the Center focuses on three core areas: financial health, small business growth, and innovation.

“We pair our philanthropic assets with Mastercard’s commercial capabilities—our data, technology, and networks—to catalyse impact,” she explained. “It’s about making sure people can weather volatility, save for the future, and manage day-to-day expenses.”

One key initiative has been the Mastercard Strive, portfolio of philanthropic programs – supported by the Center – which supports small businesses around the world to thrive in the digital economy. Operating in countries around the world, it has reached 12 million small businesses, as of 2023. “We’ve found that technology and digital platforms are incredible tools for resilience,” Payal said. “They help small businesses save time, make money, and connect with each other to share knowledge.”

The Role of Data in Driving Change

A hallmark of Payal’s work has been leveraging data for social impact. Recognising a gap in how civil society and the public sector utilise data, the Center partnered with the Rockefeller Foundation to create data.org. The initiative aims to democratise data access and build the capacity of organisations to harness its potential.

“We’ve developed tools like the Data Maturity Assessment to help NGOs understand their data capabilities,” Payal noted. This tool enables organisations to evaluate their readiness to use data in decision-making processes effectively. She also highlighted the Inclusive Growth Score, a groundbreaking initiative that combines Mastercard’s aggregated anonymised data with publicly available information to map economic equity at a neighbourhood level. “It’s been a game-changer for policymakers and NGOs looking to target investments effectively,” she explained.

Beyond these tools, the Center’s work extends to addressing organisations' digital vulnerabilities. “As digitalisation increases, so do cyberattacks,” Payal warned. To mitigate this, Mastercard has focused on bolstering the cybersecurity capabilities of NGOs, ensuring they can safely and effectively leverage digital resources for impact. These initiatives underscore a broader vision: empowering organisations with the tools and knowledge to drive inclusive growth in a data-driven world.

Navigating the Promise and Perils of AI

The emergence of artificial intelligence (AI) offers immense potential but also presents significant risks. “AI can accelerate progress in areas like financial inclusion and climate resilience,” Payal said, pointing to recent winners of the Center and data.org’s  Artificial Intelligence to Accelerate Inclusion (AI2AI) Challenge. The winning innovations, from an AI-powered tool in Ethiopia that improves healthcare access to a project in Colombia that uses AI to assess creditworthiness for women entrepreneurs, demonstrate how technology can create impactful solutions for underserved communities.

However, she cautioned that AI is only as good as the data it relies on. “The most vulnerable communities are often underrepresented in data sets, and there’s a real danger of perpetuating existing inequalities,” she warned. For Payal, ensuring that AI promotes inclusive growth requires clean, representative data and robust safeguards. “We have to remember that while the promise of AI is immense, its power must be wielded responsibly to ensure that it doesn’t exacerbate disparities,” she added.

Path Forward

Looking ahead, Payal is excited about expanding the role of financial services in building long-term resilience and continuing to drive innovation in small business support. “It’s about making financial systems a boon to resilience everywhere,” she said.

Payal's advice is clear for aspiring leaders in social impact: focus on what you know and leverage your unique assets. “The challenges we face today require creativity and collaboration. It’s about getting one plus one to equal ten.”

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This is part of our ChangeLeaders interview series with corporate impact leaders sharing their journeys, learnings, and lessons from making an impact in the corporate world. If you are a ChangeLeader we should interview, please email us at info@wemakechange.org.

Interview & Article: James Sancto & Laura De Alba