The Mastercard Foundation is an organisation that is focused on improving the bad economic situation in developing countries through youth empowerment and provision of financial aid to people living in rural areas. The foundation was established in 2016 and has since developed numerous charitable programs through which they reach out to the economically disadvantaged mass in Africa.
One of such programs, The Mastercard Foundation Fund for Rural Prosperity, is a US$50 million challenge fund to extend financial services to people living in poverty. The competition is driven by the need to provide financial services that will help poor people living in rural areas earn income, manage wealth and transform how they live.
The Mastercard Foundation Fund for Rural Prosperity will support innovative ideas that have the potential to grow to scale and also have a deep social impact on the lives of rural poor people throughout Sub-Saharan Africa.
- The competitions are destined for financial service providers such as banks, microfinance institutions, insurance companies and agribusinesses who may wish to apply for support.
- The proposal must be for a project within an institution.
- Projects may be proposed by a single institution or by a partnership of two or more of them (which could include a non-governmental organization); however, the lead applicant must be a for-profit entity.
- Projects for the 2017 Rolling Competition must take place in one of the countries listed as eligible.
- Projects must demonstrate the potential to increase the provision of financial services to smallholder farmers in eligible countries.
- Applications made to the 2017 Rolling Competition should be for support of between US$250,000 and US$2,500,000.
Deadline for applications is October 5, 2017.
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Feature Image Credit: Opportunity Desk.Org