MICROCAPITAL BRIEF: Habitat for Humanity International, MasterCard Foundation Partner to Support Housing Microfinance in Kenya

Habitat for Humanity, a US-based nonprofit that seeks to provide poor people with clean, safe and affordable housing, and MasterCard Foundation, a Canadian organization founded by the US-based payments firm MasterCard, reportedly are partnering to build the capacity of three unidentified Kenyan financial institutions to expand housing microfinance products over the next five years [1] [2]. Habitat for Humanity will provide technical support and MasterCard will finance the project. Through microfinance loans, low-income Kenyan residents who live on USD 5 to USD 10 a day will be able to apply for short-term loans to build houses. The project, which is expected to reach 2,000 households in Kenya, was also started in Ghana and Uganda in 2012 and is expected to impact a total of 17,000 Africans with a total project cost of USD 6.6 million [2]. Further information on the program has not been released.

As of 2012, Habitat for Humanity reported total assets of USD 253 million. As of the same year, the MasterCard Foundation reported approximately USD 4.9 billion in assets.

By Megan McGowan, Research Associate

About Habitat for Humanity:

Habitat for Humanity is a US-based nonprofit whose mission is to provide poor people with clean, safe and affordable places to live. Since its inception in 1976, Habitat for Humanity has engaged the services of homeowners and volunteers to build houses under the supervision of trained builders. In the US, the organization offers no-interest mortgage loans directly to low-income families, and outside of the US it partners with microfinance institutions to distribute and service home loans. Habitat for Humanity operates in all fifty US states and 100 countries globally. As of 2012, Habitat for Humanity reported total assets of USD 253 million.

About MasterCard Foundation:

Based in Canada, the MasterCard Foundation is a private foundation that aims to enable people living in poverty to improve their lives via increased access to microfinance and education. 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 2012, the MasterCard Foundation reported approximately USD 4.9 billion in assets.

Sources and Additional Resources:

[1] Standard Digital: “Major Financial Boost for Low Income Housing,” September 25, 2013, http://www.standardmedia.co.ke/?articleID=2000094269&story_title=major-financial-boost-for-low-income-housing%5C

[2] MasterCard Foundation Press Release: “Habitat for Humanity and The MasterCard Foundation Partner to Expand Access to Housing Microfinance in Africa,” http://www.mastercardfdn.org/newsroom/press/habitat-for-humanity-and-the-mastercard-foundation-partner-to-expand-access-to-housing-microfinance-in-africa

MicroCapital.org Article, “MICROCAPITAL BRIEF: MasterCard Foundation Scholarship Applications for Sustainable Microenterprise and Development Program (SMDP) in Tanzania Due by October 4, 2013,” September 26, 2013, https://www.microcapital.org/microcapital-brief-mastercard-foundation-scholarship-applications-for-sustainable-microenterprise-and-development-program-smdp-in-tanzania-due-by-october-4-2013/

MicroCapital.org Article, MICROCAPITAL BRIEF: Bank for Agriculture and Agricultural Co-operatives, Habitat for Humanity Thailand, Citi Foundation Launch “Microsavings Program for Home Improvement”,” June 12, 2013, https://www.microcapital.org/microcapital-brief-bank-for-agriculture-and-agricultural-co-operatives-habitat-for-humanity-thailand-citi-foundation-launch-microsavings-program-for-home-improvement/

MicroCapital Universe Profile: Habitat for Humanity, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Habitat+for+Humanity+International

MicroCapital Universe Profile: MasterCard Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.

Similar Posts: