The MasterCard Foundation Fund for Rural Prosperity Launches New Funding Opportunity for Financial Services Providers to Improve the Lives of Poor People in Rural Africa
Africa, Eastern and Central Africa, Northern Africa, Southern Africa, Western Africa
The MasterCard Foundation Fund for Rural Prosperity is a $50 million challenge fund established by The MasterCard Foundation. The goal of the Fund is to transform lives by increasing access to financial services for financially excluded people living in rural and agricultural areas of Africa. Since its launch in 2015, the Fund has held four competitions that have awarded support to 19 projects across Sub-Saharan Africa to implement their ideas with the potential of benefiting over 1 million rural people by 2021.
The MasterCard Foundation Fund for Rural Prosperity launched a new competition on 20 June 2017 to find and support providers of innovative and scalable financial products and services that improve the lives of poor people in rural areas of Africa. The 2017 competition will follow a 'rolling' format. It will be open throughout the year with applications submitted and evaluated periodically. The first submission period will close for judging on August 10, 2017. Unsuccessful applicants will be able to refine and resubmit their applications subsequently, along with new entrants in the competition.
The Fund for Rural Prosperity will accept applications for innovative financial solutions that expand and deepen financial inclusion for poor people in rural areas of Africa. It will also support selected solutions that have already been successfully implemented and are being scaled to a new sector, a new geographic area, or for a new use. Applications can be from any financial services provider in any country in the world providing the solution proposed is implemented in specific countries of Africa; Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Djibouti, DRC, Ethiopia, Ghana, Kenya, Liberia, Malawi, Mali, Madagascar, Mozambique, Niger, Rwanda, Senegal, Sierra Leone, The Gambia, Uganda, Tanzania, Togo and Zambia. The minimum amount an organization can apply for is US$250,000 and the maximum limit is US$2,500,000.
Financial service providers such as banks, microfinance institutions, insurance companies and agribusinesses can apply for support through the 2017 Rolling Competition by visiting the MasterCard Foundation website or click here.