What is the Fund
What is The MasterCard Foundation Fund for Rural Prosperity?
The MasterCard Foundation Fund for Rural Prosperity is a US$50 million challenge fund established by The MasterCard Foundation.
The three principles guiding The MasterCard Foundation Fund for Rural Prosperity are:
- Impact: Projects should have a positive effect on the lives of rural poor people through job creation, income generation, productivity gains and reduced vulnerability.
- Innovation: The Fund intends to harness the creativity and capacity of the financial sector and agribusinesses to innovate, increase access to and deliver financial services at scale.
- Sustainability: Projects supported under the Fund should state explicitly how they aim to achieve financial sustainability over time.
How does it work?
The Fund will operate two competitions per year (an Innovation Competition and a Scaling Competition) in 2015, 2016, and 2017. The Fund itself will function for seven years with the final four years dedicated to monitoring and evaluation of the projects that received financial support.
The Innovation Competition will support projects in 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 Scaling Competition will support projects in Côte d’Ivoire, Ghana, Kenya, Mozambique, Senegal, Tanzania, Uganda and Zambia.
The competitions are destined for financial service providers such as banks, microfinance institutions, insurance companies and agribusinesses who may wish to apply for support.
Register and apply for the Innovation or Scaling Competitions when they are open. Your application will be reviewed at the end of the competition period by a panel of international experts, as well as representatives of The MasterCard Foundation. Successful applicants will then be contacted.
For further information on the Fund and the Innovation Competition, a presentation is available here. A new presentation about Scaling Competition will be uploaded shortly.