The fourth call for applications has opened for the Mastercard Foundation Fund for Rural Prosperity, which seeks to identify and support new and/or scalable financial products and services that can transform lives in Sub Saharan Africa. The 2017/2018 Competition is open to project proposals as long as the projects are to be implemented in one of the 24 African countries of focus that the Fund prioritises.
The Mastercard Foundation Fund for Rural Prosperity is a US$50 million challenge fund to extend financial services to people living in poverty. If you have a great idea that can make an impact, submit your application now! The Fund will ensure 1,000,000 people in rural Africa have access to appropriate savings, credit and insurance services.
The Mastercard Foundation Fund for Rural Prosperity seeks to transform the lives of millions of people in rural Africa by supporting scalable financial services and products that:
- increase their incomes (for example, with agricultural input loans that improve crop yields);
- improve their resilience (for example, through access to insurance or savings); and
- lift their communities (for example, by creating jobs and stimulating the growth of stable, rural finance markets).
The three principles guiding the Mastercard Foundation Fund for Rural Prosperity are:
- Impact: Projects should have a positive effect on the lives of rural poor people through job creation, income generation, productivity gains and reduced vulnerability.
- Innovation: The Fund intends to harness the creativity and capacity of the financial sector and agribusinesses to innovate, increase access to and deliver financial services at scale.
- Sustainability: Projects supported under the Fund should state explicitly how they aim to achieve financial sustainability over time.
Do you have an innovative idea that can provide people in rural Africa with access to savings, credit and insurance services? Apply now!
The grant requested (D2) must be at least US$250,000 and no more than US$2,500,000.