Mastercard Inc. plans to raise the number of Black leaders at the vice president level and above by 50% by 2025, Bloomberg News reported June 25, citing a staff memo from CEO Ajay Banga and President Michael Miebach.

The payments company will recruit, develop and retain Black employees at every level and try to find out if there are any biases and inequities in the ways it serves Black communities. It will also promote human rights in the use of its network for issues affecting the Black community, according to the report.

Mastercard plans to increase the amount it spends with Black suppliers, including contracts with manufacturers, service providers and law firms, to $100 million yearly by 2025, up over 70% from the current level, the executives said in the memo.

At present, Mastercard's 30-member management committee has no Black members, and the company has only one Black director, Bloomberg noted.