MICROCAPITAL BRIEF: The MasterCard Foundation, TechnoServe Extend “Strengthening Rural Youth Development through Enterprise” (STRYDE) in East Africa

The MasterCard Foundation, which is based in Canada, and TechnoServe, a US-based nonprofit organization, recently announced a five-year, USD 25.9 million partnership to support 48,000 young people in rural East Africa via a second phase of the Strengthening Rural Youth Development through Enterprise (STRYDE) program, which was first launched in August 2011[1]. STRYDE promotes young people’s economic independence by providing trainings in business development, securing jobs and agriculture.

The new phase will focus on sustainability by helping local public and private sector partners build long-term capacity to continue the program after its external funding ends. The new phase will continue in Kenya, Rwanda, Uganda, and be expanded into Tanzania and additional districts in northern Uganda [2].

As of April 2015, SRTYDE has trained approximately 15,000 young people. After participating in the program, trainees increased their incomes by an average of 233 percent, with 70 percent of trainees saving regularly, a seven-fold increase [1].

By Caroline Zhu, 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.

About TechnoServe

TechnoServe, founded in 1968 by a businessman Ed Bullard, is a US-based nonprofit organization that develops business-solutions to poverty. The name TechnoServe is based on the words “technology in the service of mankind”. As of December 2013, TechnoServe reported approximately USD 59.3 million in assets. As of May 2015, TechnoServe is working actively in 29 countries.

Sources and Additional Resources:

[1] The MasterCard Foundation Press Release, “The MasterCard Foundation and TechnoServe Announce Groundbreaking New Phase of African Youth Entrepreneurship Program,” http://www.mastercardfdn.org/newsroom/press/the-mastercard-foundation-and-technoserve-announce-groundbreaking-new-phase-of-african-youth-entrepreneurship-program

[2] TechnoServe Projects, “Strengthening Rural Youth Development through Enterprise,” http://www.technoserve.org/our-work/projects/stryde

MicroCapital Universe Profile: The MasterCard Foundation

MicroCapital Universe Profile: TechnoServe

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

Share

Comments are closed.