Knowledge

Author: Ollen Machimbirike

Category:

Date: 17 May 2016

The MasterCard Foundation Fund for Rural Prosperity awarded more than USD 10.6 million to alleviate poverty

Mastercard FRP
The MasterCard Foundation Fund for Rural Prosperity awarded (1) APA Insurance, (2) FinserveAfrica/Equitel, (3) M-KOPA, (4) Musoni Kenya and (5) Olam Uganda more than USD10.6 million to bolster their innovative work to alleviate poverty by increasing access to financial services for poor people in rural Africa.
The five companies introduced imaginative thinking in their approach to scaling up financial inclusion – the increase in access to services such as mobile banking, savings accounts, insurance and credit – for the benefit of nearly 8 million people in remote parts of Africa.
The Fund for Rural Prosperity also announced the opening of its 2016 Scaling Competition in April 2016, a search for other companies that are working to broaden and deepen financial inclusion at scale in rural Africa.

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