Juvo, a US-based financial technology (fintech) startup that uses transaction data analysis to create credit profiles for individuals in emerging markets, recently partnered with Mastercard to distribute its Financial Identity as a Service (FiDaaS) platform to financial services providers in Latin America and the Caribbean (LAC). For people without traditional credit histories, the FiDaaS platform uses
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MICROCAPITAL BRIEF: Pan-Atlantic University’s EDC, Mastercard Foundation Launch “Transforming Nigeria Youths Program” to Create 40k Jobs for Young People, Women
The Enterprise Development Centre (EDC) of Nigeria’s Pan-Atlantic University along with the Canada-based Mastercard Foundation recently launched the Transforming Nigerian Youths Program to “create a network of entrepreneurial and managerial changemakers particularly…across the micro-, small and medium-sized enterprises sector in Nigeria.” The goal is to provide 40,000 youth and women with
MICROCAPITAL BRIEF: Malaysia Digital Economy Corporation (MDEC), Mastercard Partner on E-money, Payment Cards, Islamic Fintech, Mentoring, Technology Training for Girls
The Malaysia Digital Economy Corporation (MDEC), a government-controlled entity, recently signed a memorandum of understanding with Mastercard, a US-based payments company, to “facilitate the rollout of Mastercard payments and business technologies” in Malaysia. The goals of the agreement include to:
MICROCAPITAL BRIEF: Business Correspondent Sub-K Impact Launching Digital Platform for Insurance, Investing, Microfinance Referrals with Support from Accion, Mastercard
Sub-K Impact Solutions, a subsidiary of India-based BASIX Social Enterprise Group, is releasing a digital platform called SARTHI (Seamless Advanced Resourceful Tech-driven Hybrid Interface) to facilitate access to insurance, microloans and investment services. SARTHI will place users in contact with financial services providers
MICROCAPITAL BRIEF: Jazzcash, Mastercard Partner to Expand Card-based, Digital Payments in Pakistan
Jazzcash, a unit of Netherlands-based Veon, recently partnered with Mastercard, a US-based payments company, to broaden the offerings of the mobile wallet service it operates in Pakistan. Jazzcash, which was founded in 2012, enables its users to send and receive money via mobile phones. Under the new partnership, Jazzcash customers will be able to use
MICROCAPITAL BRIEF: Board for Small Scale Industries, Mastercard Foundation Announce $15m Emergency Fund for MSMEs in Ghana Affected by COVID-19
The Canada-based Mastercard Foundation and Ghana’s National Board for Small Scale Industries (NBSSI), a unit of that country’s Ministry of Trade and Industry, recently agreed to respond to the COVID-19 pandemic with a “Recovery and Resilience Program for MSMEs.” The program will provide micro-, small and medium-sized enterprises (MSMEs) with
MICROCAPITAL BRIEF: Mastercard Foundation Commits $300m to Bring “Young Africa Works” to Ethiopia
The Canada-based Mastercard Foundation recently committed USD 300 million to Ethiopia to expand Young Africa Works, an initiative intended to create job opportunities for 30 million young Africans, 70 percent of whom are women, in 10 countries by 2030. The effort, which was launched in partnership with Ethiopia’s Jobs Creation Commission (JCC), will fund programs that
MICROCAPITAL BRIEF: Mastercard Foundation Commits $200m to “Young Africa Works,” a 10-year, 10-country Effort Launching in Senegal
The Canada-based Mastercard Foundation recently announced that Senegal is among the first countries in which it will roll out Young Africa Works, an initiative intended to create job opportunities for 30 million young Africans, 70 percent of whom are women, in 10 countries by 2030. The foundation has made a
MICROCAPITAL BRIEF: CDC, FinDev Canada, Mastercard Foundation, OPIC, PROPARCO Sponsoring 2X Invest2Impact Competition, Offering $1m to “High-potential” Women Entrepreneurs in East Africa
A group of development finance institutions (DFIs), along with the Canada-based Mastercard Foundation, recently announced they will sponsor the 2X Invest2Impact business competition with the aim of supporting “the growth of high-potential, women-owned businesses [in East Africa] to increase their commerciality and impact.” The DFIs co-sponsoring the competition include the following government-backed institutions: CDC Group, a UK-based organization formerly known as the Commonwealth Development Corporation; FinDev Canada; the US government’s
MICROFINANCE PAPER WRAP-UP: “Small Businesses and Digital Financial Services: Predictive Modelling and Segmentation for Market Sizing and Product Design;” Published by International Finance Corporation (IFC), Mastercard Foundation
By Sinja Buri, Morne van der Westhuizen and Soren Heitman; published by the International Finance Corporation (IFC) and the Mastercard Foundation; April 2019; 27 pages; available at https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/financial+institutions/resources/small+businesses+and+digital+financial+services+predictive+modelling+and+segmentation+for+market+sizing+and+product+design
It is widely believed that the growth of micro-, small and medium-sized enterprises (MSMEs) can catalyze the development of economies such as those in Sub-Saharan Africa. Due to financial institutions’ challenges in identifying where
MICROCAPITAL BRIEF: Angaza, Mastercard Collaborating on Pay-as-you-go Solar Electricity, Water Pumps, Cook Stoves in Africa, Latin America
Angaza, a provider of “pay-as-you-go” metering technology that has offices in Kenya and the US, recently partnered with US-based payments firm Mastercard to create a digital payment service to help low-income people purchase equipment over time. Anzinga has worked with 100 distributors to enable 1 million households in 30 countries to buy products such as solar power systems, water pumps and low-pollution cookstoves. The two companies have successfully pilot-tested their collaboration in Nigeria, confirming that it can provide
MICROCAPITAL BRIEF: Mastercard Foundation Fund for Rural Prosperity Awards $4.4m for Innovative Financial Services in Burundi, Ghana, Mali, Tanzania, Zambia
The Canada-based Mastercard Foundation recently announced the following organizations will share USD 4.4 million from the final competition phase of its Fund for Rural Prosperity (FRP): Promotion du Sesame du Mali (PROSEMA), Lima Kwanza Limited of Tanzania, Savonor of Burundi, Sprint Money Limited of Zambia and
MICROCAPITAL BRIEF: MasterCard Pilots Kionect Digital Platform with Microbusinesses in Nairobi, Kenya, in Partnership with Microfinance Institution Musoni, Distributor Kaskazi, Diamond Trust Bank
US-based financial technology firm MasterCard recently began pilot testing a platform called Kionect, which allows kiosk owners in Kenya to use short message service (SMS), also known as text messaging, to
MICROCAPITAL BRIEF: Mastercard, Financial Sector Deepening (FSD) Uganda Partnering on Digital Payments for Agriculture, Education, Health and Trade
Mastercard, a US-based payment processing company, and Financial Sector Deepening (FSD) Uganda, an NGO funded by the UK Department for International Development, recently entered a memorandum of understanding to create
MICROCAPITAL BRIEF: The MasterCard Foundation Fund for Rural Prosperity Awards $3m to Ibero Uganda, First Access, Letshego; Is Accepting Applications for More Funding Through August 10
KPMG, a network of professional firms providing business services in 155 countries, recently informed MicroCapital that The MasterCard Foundation Fund for Rural Prosperity has awarded USD 1 million each to the following financial services providers: Ibero Uganda for the provision of loans, training and related services to coffee farmers; US-based First Access for an agricultural credit scoring mechanism for lenders serving farmers in Tanzania; and Botswana-based Letshego Financial Services for an agency banking project in Mozambique.
MICROFINANCE EVENT: The Mastercard Foundation Symposium on Financial Inclusion, $150k “Clients at the Centre” Prize; November 8-9, 2017; Accra, Ghana
Event Name: The Mastercard Foundation Symposium on Financial Inclusion
Event Date: November 8 – November 9, 2017
Event Location: Accra, Ghana
Cost: This event is open by invitation only
Summary of Event: The symposium will focus on increasing the knowledge of financial service providers regarding the financial lives of poor people in an effort to enable the providers to design and deliver products that are more closely aligned with people’s needs.
MICROCAPITAL BRIEF: Apply by June 5 for The MasterCard Foundation’s $150k “Clients at the Centre” Prize
The MasterCard Foundation, which is based in Canada, is accepting applications through June 5 for its 2017 “Clients at the Centre” Prize, which includes a cash award of USD 150,000.
MICROCAPITAL BRIEF: Mastercard, Unilever to Launch Partnership to Facilitate Growth of Micro-, Small, Medium-sized Enterprises (MSMEs) with Pilot Project in Kenya
Mastercard, a US-based technology and payments company; and Unilever, a UK-based supplier of consumer goods, recently announced that they will develop a partnership to provide access to digital technologies to small-scale entrepreneurs in developing countries with the aim of helping them buy supplies and sell goods more efficiently. The partnership’s first project will be to spread the use of Mastercard’s digital payment platforms via