Process

You are here

  • Transforming lives

    BY SUPPORTING FINANCIAL INNOVATION.

Process

Application Process

The application process has two stages.

The first stage involves submission of a Concept Note – a concise summary of your business idea. The Concept Note template and Guidance Notes are available once you register.

After a competition closes, Concept Notes will be reviewed. Applicants who are shortlisted will be invited to submit a full business plan proposal in the second stage of the application process.

At this point, the applicant is required to provide more detailed information on the proposed project, including financial, business performance and development impact projections. The MasterCard Foundation Fund for Rural Prosperity team will be available to provide guidance at this stage. It is possible that applicants will be invited to present business plans in person to the Fund's Selection Committee.

Selection Criteria

Selection for the Innovation Competition is based on the following criteria:

Criteria Weight
Capacity to implement 25%
Degree of innovation 20%
Commercial viability 20%
Development impact (direct & indirect) 25%
Capacity development of users 10%

Selection for the Scaling Competition is based on the following criteria:

Criteria Weight
Capacity to implement 20%
Commercial viability 20%
Development impact (direct & indirect) 40%
Capacity development of users 20%

Notification

Once the review process is completed, The MasterCard Foundation Fund for Rural Prosperity will make final awards to successful business plan proposals. A Partnership Agreement, which stipulates disbursement schedules, milestones, reporting requirements and targets, is the governing contract between the Fund Manager and the applicant and will be operative for the life of the Fund.

FAQs

For a quick reference to some of the common questions being asked about The MasterCard Foundation Fund for Rural Prosperity, please click here.