Peter Materu, Chief Program Officer at Mastercard Foundation shares this message showing how the Fund has supported the Foundation vision and outlining what the Foundation itself has learned and gained
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KPMG was appointed the Fund Manager in for the Mastercard Foundation Fund for Rural prosperity in 2014 and set off with an aim of enabling 1 million people in rural Africa to have access to savings, credit and insurance products and services. The Fund operated from Nairobi, Kenya and had a team working from Ghana who assisted in overseeing projects in West Africa.
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Using the Challenge Fund approach, the Mastercard Foundation Fund for Rural Prosperity was set up in 2014 to support private sector businesses across Sub-Saharan Africa looking to develop new products, services or processes that increase access to finance for rural people, or that have the potential to scale up their most promising ideas to drive financial inclusion for smallholder farmers.
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The Mastercard Foundation Fund for Rural Prosperity has invested close to USD 50 million to boost the provision of financial services to poor rural customers in Africa. In this process, a variety of business models were supported resulting in the development of 171 new financial products. To enable their absorption and use, capacity building has been conducted to nearly 3 million people across the continent. Ultimately, over 5.3 million people have gained access to financial services from this work over seven and a half years.
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We gave Fund team members the opportunity to say a few words about their experiences working on the Fund. Here is how they responded.
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In this latest Fund brochure, see a summary of the Fund participants and get a view of overall Fund results and achievements as of June 2022.
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Digitalisation is enabling participants affected by shocks to continue to strategically learn, test and scale up
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This video takes a comprehensive look at the Fund as a whole, and the impact it has achieved across rural communities and value chains in Sub-Saharan Africa, through the eyes of stakeholders such as participants and their beneficiaries.
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This video highlights the Fund portfolio and how participants are delivering access to affordable savings, credit, insurance and transaction-based products and services.
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This video details how recovery and resilience support from the Fund benefited participants during the COVID-19 pandemic so they could continue serving rural communities.
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