MICROCAPITAL BRIEF: The MasterCard Foundation Offering $150k Via Clients at the Centre Prize; Applications Due June 30, 2015

The MasterCard Foundation, a Canadian organization founded by the US-based payments firm MasterCard, is accepting applications for the Clients at the Centre Prize through 11:59 p.m. GMT on June 30, 2015 via the following website: https://mastercardfdn.innocentive.com/. The award intends to recognize the “most innovative, impactful, and sustainable way in which a financial service provider puts its clients at the centre in order to promote financial inclusion for poor people living in the world’s developing countries”[1].

From all applicants, three to five finalists will be shortlisted by September 30, 2015. Finalists will be invited to “showcase their business and work” at The 2015 MasterCard Foundation Symposium on Financial Inclusion to be held in Cape Town, South Africa on November 20, 2015. The winner will receive a prize with total value of USD 150,000 that will consist of a monetary award of USD 100,000 and consulting support in value of USD 50,000 to “expand or reinforce client-centric practices”[1].

Applicants must be registered organizations that are direct providers of financial products and services to low-income populations in any of the developing countries listed in the Applicant Guidelines. Applications must focus on business practices that “better serve the poor, vulnerable and economically disadvantaged people”[1]. The Applicant Guidelines, including the list of the eligible developing countries, is available online at the following link: https://www.omnicompete.com/files/mastercard/applicantguidelines_pdf.pd

For additional information, you may email clientsprize[at]mastercardfdn.org or contact the organizers by telephone at +44 (0) 207 224 0110.

By Arpita Sarkar, Research Associate

About The 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, primarily in Africa. 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.

Sources and Additional Resources:

[1] The Mastercard Foundation: “The MasterCard Foundation Clients at the Centre Prize,” https://mastercardfdn.innocentive.com/

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

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