Tuesday, November 5, 2024
HomeEducationHoward Gets $5M From Mastercard for Racial Equity in Finance

Howard Gets $5M From Mastercard for Racial Equity in Finance

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Howard University is receiving a donation of $5 million from Mastercard that will be used to establish a data science and analytics center.

Studies at the center will be focused on addressing racial bias in artificial intelligence-driven credit approval processes. 

According to a statement from the university, through the Center for Applied Data Science and Analytics (CADSA), Howard will advance its leadership in data science for social impact research and training by including analysis of racial bias in financial services.

“Data science touches everything, and it’s going to continue to be increasingly impactful in everything that we do,” said Anthony Wutoh, Howard Provost and Chief Academic Officer. “We’re grateful for the partnership with Mastercard in enabling us to use data science to answer some of the broader societal questions we believe Howard can significantly impact, including those around health care and economic disparities.”

The interdisciplinary hub will feature a master’s degree in applied data science and a thought leadership series on racial equity and inclusive growth.

“Black communities face unique challenges and algorithmic bias in financial services and specifically with credit decisions, and CADSA will conduct research examining how data science can contribute to minimizing racial bias in credit approval processes,” the school said in its statement.

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