The World Bank’s incoming President, Ajay Banga

The World Bank’s incoming President, Ajay Banga

by Ruchi Gupta, India

Ajay Banga, will be taking over as the World Bank's new President after being nominated by US President Joe Biden. He has a long history of noteworthy achievements and is an accomplished leader with more than three decades in the financial services sector. Let’s look at his resumé.

Between 2010 and 2021, he was the CEO of Mastercard.

Mastercard has experienced a significant shift under Banga's direction, evolving into a technology-driven firm that focuses on developing cutting-edge payment solutions for both customers and businesses. Throughout his tenure, Banga oversaw the introduction of various innovative goods and services, including contactless payments and Mastercard's digital wallet.

Furthermore, under Banga's direction, Mastercard's global reach increased. He was the driving force behind the business's expansion into new regions, including the People's Republic of China where Mastercard became the first foreign corporation to be granted a license to handle electronic payments. Mastercard has expanded into Africa, where it started a variety of programs to encourage financial inclusion and stimulate the continent's economy.

Banga held a number of high executive positions before joining Mastercard, among them CEO of Citigroup's Asia-Pacific division. He was in charge of directing the expansion and expansion of Citigroup's regional businesses, including retail banking, investment banking, and credit cards. Banga has been asked to advise and counsel governments and organizations all over the world due to his well-known competence in the financial services sector. He has held positions on the advisory boards of the Council on Foreign Relations, the International Chamber of Commerce, and the US-India CEO Forum.

A wealth of experience and knowledge earned him praise and recognition

Besides his professional achievements, Banga has received accolades for his dedication to philanthropy and social responsibility. He has promoted projects aimed at giving underprivileged groups access to financial services. He also actively supports education, serving on the board of trustees at Delhi University.

Banga has garnered various medals and honors throughout his career. He was included on Forbes' list of the 100 most powerful people in the world in 2018, and he received the Foreign Policy Association Medal for his contributions to international trade and economic growth in 2019.

Banga's experience and knowledge will definitely be important in guiding the World Bank's mission to eradicate severe poverty and foster shared prosperity. As the World Bank works to solve the issues plaguing the world's poorest and most vulnerable populations, his dedication to social responsibility and financial inclusion will also be beneficial in his new role.