Mastercard Foundation

The Mastercard Foundation is an independent global foundation which states it "advances youth learning and promotes financial inclusion to catalyze prosperity in developing countries."^[1] Since its inception in 2006, it has collaborated with partners in developing countries, with a particular focus on Sub-Saharan Africa.^[2] It is based at the Eaton Centre in Toronto, Canada and operates independently of Mastercard International.^[2]

History

The foundation was established in 2006 through a gift of shares from Mastercard International at the time of the company's IPO.^[3] Reeta Roy was named the foundation's president and CEO in 2008.^[4]

Programs

The Mastercard Foundation increases access to financial services and educational opportunities. To achieve this, it partners with nonprofit and non-governmental organizations that focus on the key areas of Financial Inclusion and Youth Learning.^[5]

Financial Inclusion

Financial inclusion is where low-income individuals, households, and small businesses have access to and can effectively use appropriate financial services (formal and non-formal, from a range of providers). The foundation's Financial Inclusion program works with partners to expand access to and increase the reach of financial services. Its stated goals include: scaling access to financial services; pioneering financial services for youth; and promoting responsible finance.^[6]

The foundation's financial inclusion 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]

Education & Learning

The Foundation's Education & Learning program promotes financial education inside and outside of formal school systems, and seeks to use the market to benefit youth and prepare them for the market. The program's goals include: scaling access to education in Sub-Saharan Africa; developing employment-seeking skills in youth;^[8] and developing skills in out-of-school youth.

Youth Learning 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, Educate!, Swisscontact, Fundacion Paraguaya, CAP Foundation, TechnoServe and the University of Minnesota.^[9]

Youth Livelihoods

The Youth Livelihoods Program provides skills training for economically disadvantaged young people so they can find employment. This skills training focuses on developing foundational skills such as literacy and numeracy, technical skills, as well as soft skills such as critical thinking, communications and teamwork. The program also provides financial services, such as savings, and financial literacy education to build young people’s financial capability. The YL Program's strategy prioritizes the agriculture and construction sectors, which are growing and can absorb large numbers of entry-level employees. It conducts market assessments to identify employment or self-employment opportunities. It funds programs which provide young people with a holistic package of relevant technical and transferable skills, opportunities for apprenticeships, mentoring and connections to employers, as well as access to financial services. Furthemrore, it seeks to engage young people in the design and implementation of these programs.

Scholars Program

The Mastercard Foundation Scholars Program provides talented and disadvantaged young people, particularly in Africa, with access to education. It builds on a network of education institutions and nonprofit organizations that provide education and support to young people who are academically gifted, who have demonstrated leadership capacity, and have committed to giving back to their communities.^[10]

Foundation Scholars partners include Ashesi University, Arizona State University, BRAC Uganda, Camfed, Duke University, EARTH University, McGill University, Michigan State University, Stanford University, University of British Columbia, University of California, Berkeley, University of Toronto, Wellesley College, Kwame Nkrumah University of Science and Technology and Makerere University.

Fund for Rural Prosperity

The Mastercard Foundation Fund for Rural Prosperity is a US$50 million challenge fund which accepted funding applications from projects that assisted rural poor people through job creation, income generation, productivity gains and reduced vulnerability. It encouraged partnership between the financial sectors, agribusiness and individuals to innovate, increase access to, and deliver financial services. Projects were selected often based on its potential to grow to scale, have a deep social impact on the lives of rural poor people throughout Sub-Saharan Africa, and with a view towards achieving sustainability.

See also

• List of wealthiest charitable foundations

References

External links

• Official website