MICROCAPITAL BRIEF: The MasterCard Foundation Fund for Rural Prosperity Awards $3m to Ibero Uganda, First Access, Letshego; Is Accepting Applications for More Funding Through August 10

5 July, 2017

Original Source: MicroCapital

KPMG, a network of professional firms providing business services in 155 countries, recently informed MicroCapital that The MasterCard Foundation Fund for Rural Prosperity has awarded USD 1 million each to the following financial services providers: Ibero Uganda for the provision of loans, training and related services to coffee farmers; US-based First Access for an agricultural credit scoring mechanism for lenders serving farmers in Tanzania; and Botswana-based Letshego Financial Services for an agency banking project in Mozambique. Financial service providers serving sub-Saharan Africa may apply for additional award funds on a rolling basis, with August 10 set as the next deadline for consideration.

Ann Miles, the Director of Financial Inclusion at The MasterCard Foundation, said, “We have seen financial services providers step up with truly innovative and scalable ideas to drive financial inclusion.… We hope that other actors in this space are taking note so that they, too, can emulate or support success and bring the benefits of financial inclusion to millions more people.”

Based in Canada, The MasterCard Foundation seeks to enable people living in poverty to improve their lives with increased access to microfinance and education, primarily in Africa. The foundation was established in 2006 by a gift of shares from US-based payment processor Mastercard Worldwide during the company’s initial public offering. As of 2015, The MasterCard Foundation reported approximately USD 9 billion in assets.

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