The MasterCard Foundation, which was founded by US-based global payment processing company MasterCard and aims to promote youth learning and financial inclusion in emerging markets, has donated USD 22.7 million to Opportunity International, a US-based non-profit microfinance organization, to launch the “Africa Growth and Innovation Initiative” to deliver agricultural financial services to 7 million low-income people in the Sub-Saharan African countries Ghana, Malawi, Rwanda, Tanzania and Uganda. The five-year initiative will focus on both mobile and branch-based banking. The intention of the services is to increase crop yields and household incomes to aid a transition into commercial farming.
As of July 2012, Opportunity International reported a gross loan portfolio of USD 515 million with operations in 22 countries in Africa, Asia, Eastern Europe and South America. As of 2014, the MasterCard Foundation reported approximately USD 9 billion in assets.
By Meraj Husain, Research Associate
About Opportunity International
Based in the United States, Opportunity International is a nonprofit organization that was founded in 1971. Opportunity International provides small business loans, savings, insurance and training to approximately 5 million poor people in 22 countries in Africa, Asia, Eastern Europe and South America. As of July 2012, Opportunity International reported a gross loan portfolio of USD 515 million.
About MasterCard Foundation
Based in Canada, the MasterCard Foundation is a private foundation with the goal of enabling people living in poverty to improve their lives with 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 2014, the MasterCard Foundation reported approximately USD 9 billion in assets.
About MasterCard
MasterCard is a global payments and technology company that is headquartered in New York, USA. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products facilitate commercial activities such as shopping, traveling, running a business and managing personal finances. As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.
Sources and Additional Resources
[1] Information provided to MicroCapital by Opportunity International, March 2014.
MicroCapital, February 5, 2014, “African Women Invited to Apply for MasterCard Foundation Scholarships for Sustainable Microenterprise and Development Program (SMDP) in Ghana by February 7, 2014,” https://www.microcapital.org/microcapital-brief-african-women-invited-to-apply-for-mastercard-foundation-scholarships-for-sustainable-microenterprise-and-development-program-smdp-in-ghana-by-february-7-2014/
MicroCapital, April 8, 2013, “Opportunity International, MicroEnsure Launch Savings-Linked Education Insurance Program, EduSave, in Malawi,” https://www.microcapital.org/microcapital-brief-opportunity-international-microensure-launch-savings-linked-education-insurance-program-edusave-in-malawi/
MicroCapital, February 18, 2013, “One Woman Initiative, Opportunity International Partner to Raise $50m for Microloans to Women,” https://www.microcapital.org/microcapital-brief-one-woman-initiative-opportunity-international-partner-to-raise-50m-for-microloans-to-women/
MicroCapital Universe Profile: Opportunity International
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International
MicroCapital Universe Profile: MasterCard Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation
MicroCapital Universe Profile: MasterCard
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Diamond Trust Bank (DTB) to Offer Fintechs in Kenya Access to Mastercard Payment Cards
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
- MICROCAPITAL BRIEF: Copal App to Help Parents, Youth in Egypt to Manage Finances via Mastercard Payment Network
- MICROCAPITAL BRIEF: Visa Foundation Donates $2m to Opportunity International to Support Microfinance, Small-business Lending to Women in Africa
