Mastercard Foundation Fund for Rural Prosperity (FRP) has announced that five African companies will receive a total of USD 4.4 Mn to support its financial inclusion agenda in the continent.
The companies that will benefit from the funds are; Lima Kwanza Limited, PROSEMA-SA (Promotion du Sésame du Mali), Savonor, Sprint Money Limited and agritech company Syecomp Ghana Limited.
The five companies have projects in Burundi, Ghana, Mali, Tanzania, and Zambia. They were selected after they submitted applications to the fourth and final phase of the Fund’s rolling competition.
Team leader of the Fund for Rural Prosperity Wambui Chege noted that the fund beneficiaries expand and enrich the Fund’s portfolio through their innovative project.
She further stated, “The Fund is excited by the potential impact of the projects in its portfolio and will now direct its focus to project implementation, monitoring & evaluation, and sharing emerging learning from the portfolio with financial inclusion stakeholders. We look forward to driving financial access and meeting the needs of the rural poor across Africa.”
Lindsay Wallace, Director of Strategy and Learning at the MasterCard Foundation said “This latest addition to the Fund for Rural Prosperity (FRP) portfolio enables poor people in rural Africa to benefit from financial services, often for the first time. More than that, it strengthens the Fund as a place where others can learn about what works at scale in driving sustainable financial inclusion for those who need it most.”
Since its first awards in 2016, the Fund for Rural Prosperity has committed more than USD 41.5 Mn to companies across the continent to enable them grow and prosper. In 2018, the fund awarded USD 11.8 Mn to 12 companies in the first three phases of the rolling competition.
MasterCard Foundation is a global foundation that was established in 2006. Since its inception, it has partnered with several renowned NGOs in a bid to ameliorate financial life particularly in Africa. The Foundation is based in Toronto, Canada.
The Fund’s portfolio is aimed at supporting innovative and scalable financial products and services that improve the livelihoods of people living in rural parts of Africa.
Featured Image Courtesy: Mastercard Foundation
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