The MasterCard Foundation

The MasterCard Foundation is a global, independent foundation that "advances youth learning and promotes financial inclusion to catalyze prosperity in developing countries."^[1] Since its inception in 2006, the Foundation has collaborated with partners in developing countries, with a particular focus on Sub-Saharan Africa.^[2] Based in Toronto, Canada, The MasterCard Foundation operates independently of MasterCard Worldwide.^[2]

History

The MasterCard Foundation was established in 2006 through a gift of shares from MasterCard Worldwide at the time of the company's IPO.^[3]

In 2008, Reeta Roy was named President and CEO of the Foundation.^[4]

Programs

The MasterCard Foundation increases access to financial services and educational opportunities. To achieve this, the Foundation partners with non-profit and non-governmental organizations that focus on two key program areas – financial inclusion and youth learning.^[5]

Financial Inclusion

Financial inclusion means that low-income individuals, households, and small businesses have access to and can effectively use appropriate financial services (formal and non-formal, as well as range of providers). Financial inclusion is not an end in itself, but a means toward economic development or poverty alleviation. The MasterCard Foundation works with partners to expand access and increase the reach of financial services to improve quality of life for people of all ages.

The program focuses on three areas:

• Scale access to financial services
• Pioneer financial services for youth
• Promoting responsible finance^[6]

Some of their partners include ACCION International, the Aga Khan Foundation, BRAC, CARE Canada, Catholic Relief Services, Freedom from Hunger, Grameen Foundation, Fonkoze, Microfinance Information Exchange Inc., Microfinance Opportunities, Microfinance Transparency, Opportunity International, Plan Canada, Save the Children, The SEEP Network, Water.org, Women's World Banking, UNCDF, Equity Group Foundation, Mennonite Economic Development Association (MEDA), Participatory Microfinance Group for Africa (PAMIGA), and The MasterCard Foundation Scholars Program.^[7]

Youth Learning

The MasterCard Foundation works to promote youth learning – both inside and outside the formal school system. Additionally, the Foundation works to prepare the market for youth and prepare youth for the market.

The Youth Learning program focuses on three areas:

• Scale access to education in Sub-Saharan Africa
• Develop skills of out-of-school youth
• Connect youth to jobs^[8]

Some of their partners include the African Leadership Academy, Camfed, the International Labour Organization, International Youth Foundation, Education for Employment Foundation, Digital Opportunity Trust, Equity Group Foundation, Aflatoun, YouthBuild, Swisscontact, Fundacion Paraguaya, CAP Foundation, TechnoServe and the University of Minnesota.^[9]

The MasterCard Foundation Scholars Program

The MasterCard Foundation Scholars Program provides talented and disadvantaged young people, particularly in Africa, with access to education and the skills they need to succeed in the global economy. The Program builds on a network of education institutions and non profit organizations that provide education and support to deserving young people who are committed to giving back to their communities. ^[10]

Some of their partners include Ashesi University, Arizona State University, BRAC Uganda, Camfed, EARTH University, McGill University, Michigan State University, Stanford University, University of British Columbia, University of California, Berkeley, University of Toronto, Wellesley College.

References

External links

• Official website