Mastercard Elevates CFO to CBO Role as UK Enforces Cash Access Rules
MA•Mastercard is moving CFO Sachin Mehra into a newly created chief business officer role and will name a new finance chief. The UK’s FCA access to cash rules, effective 18 September 2024, and National Payments Vision mandate redundant payment rails including cash.
1. Leadership Reshuffle
On June 2, Mastercard announced a major leadership overhaul, moving long-time CFO Sachin Mehra into a newly created chief business officer position. The company plans to appoint a successor to lead its finance organization, reflecting a strategic shift to align business growth initiatives with executive oversight.
2. Regulatory Push for Cash Access
The UK’s Financial Conduct Authority rolled out access to cash rules on 18 September 2024, requiring designated firms to identify and address gaps in cash availability. Complementing this, the government’s National Payments Vision enshrines consumer and business choice across multiple payment rails—cards, account-to-account transfers, mobile wallets, open banking services and cash—to bolster resilience.
