MICROCAPITAL BRIEF: MasterCard Foundation, Equity Group Foundation Celebrate First Graduation From Financial Education Program in Kenya

The MasterCard Foundation, a Canadian institution that seeks to alleviate poverty through microfinance and education, and Equity Group Foundation (EGF), the social arm of Kenyan microfinance institution Equity Bank, are celebrating the graduation of the first 1,000 participants from their financial education program in Kenya [1].

The financial education program was launched in December 2009 to promote financial inclusion and entrepreneurship in Kenya [2]. The USD 10.9 million program is currently in the implementation phase and seeks to provide financial education to 620,000 youth and women in Kenya over a three-year time period [2] [3].

President and CEO of The MasterCard Foundation Reeta Roy stated, “This partnership is about financial inclusion…It will enable youth and women micro-entrepreneurs to access financial services and create economic opportunities for themselves” [3].

After completion of the 12-week program, 7,500 participants will be selected for further entrepreneurship training and mentoring in an effort to enable expansion of their businesses. Equity Bank is reported to be making available approximately USD 400 million in credit to graduates of the program.

By: Alexandra Pattee, Research Associate

About MasterCard Foundation: Based in Canada, the MasterCard Foundation reports approximately USD 2.7 million in assets as of 2009. The foundation’s goal is to enable people living in poverty to improve their lives through increased access to microfinance and education. The foundation was established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering.

Equity Bank: Equity Bank, founded in 1984, is a microfinance bank based in Nairobi, Kenya, that provides loans, savings and fund transfer services and is funded through deposits and shareholder capital. It reportedly accounts for 56 percent of bank accounts in Kenya with 4.9 million accounts as of July 2010. It is involved in microfinance operations not only in Kenya, but also in Southern Sudan and Uganda through its subsidiary, Equity Bank Uganda. As reported to the Microfinance Information Exchange (MIX) Market in 2009, Equity Bank has USD 1.27 billion in total assets, a gross loan portfolio of USD 818 million and 716,000 active borrowers.

Sources and Resources:

[1] Communications with MicroCapital

[2] MasterCard Foundation Website, “Equity Group Foundation Financial Literacy”, http://www.mastercardfdn.org/egf.htm

[3] Marketwire, “Equity Group Foundation and The MasterCard Foundation Launch Financial Education Program in Kenya”, http://www.marketwire.com/press-release/news-release-equity-group-foundation-the-mastercard-foundation-launch-financial-education-1507369.htm

MicroCapital.org Article, April 15, 2011, “MasterCard Foundation of Canada Commits Additional $25m To BRAC’s “Microfinance Multiplied” Program in Uganda, With Plans to Open 40 New Branches”, https://www.microcapital.org/microcapital-brief-mastercard-foundation-of-canada-commits-additional-25m-to-brac?s-?microfinance-multiplied?-program-in-uganda-with-plans-to-open-40-new-branches/

MicroCapital.org Article, January 17, 2011, “MasterCard Foundation, Women Advancing Microfinance (WAM) Announce Scholarship Opportunities for Sustainable Microenterprise and Development Program (SMDP) in Ghana”, https://www.microcapital.org/microcapital-brief-mastercard-foundation-women-advancing-microfinance-wam-announce-scholarship-opportunities-for-sustainable-microenterprise-and-development-program-smdp-in-ghana/

MicroCapital.org Article, December 15, 2010, “MasterCard Foundation, UN Capital Development Fund (UNCDF) Launch YouthStart to Expand Financial Services for Youth in Sub-Saharan Africa”, https://www.microcapital.org/microcapital-brief-mastercard-foundation-un-capital-development-fund-uncdf-launch-youthstart-to-expand-financial-services-for-youth-in-sub-saharan-africa/

MicroCapital.org Article, December 21, 2010, “Microfinance Information Exchange (MIX) Funded by MasterCard Foundation to Expand Data Coverage Among Microfinance Organizations (MFIs) in Africa”, https://www.microcapital.org/microcapital-brief-microfinance-information-exchange-mix-funded-by-mastercard-foundation-to-expand-data-coverage-among-microfinance-organizations-mfis-in-africa/

MicroCapital.org Article, November 17, 2010, “Water.org, MasterCard Foundation Launch $3.6m Partnership to Boost WaterCredit Program That Uses Microfinance to Increase Access to Clean Water in Africa”, https://www.microcapital.org/microcapital-brief-water-org-mastercard-foundation-launch-3-6m-partnership-to-boost-watercredit-program-that-uses-microfinance-to-increase-access-to-clean-water-in-africa/

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

MicroCapital’s Microfinance Universe: Equity Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Equity+Bank

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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