Press Release – Toronto, Canada- November 1, 2016 – The MasterCard Foundation celebrates a decade of achievement. Since its founding in 2006, The MasterCard Foundation has committed a total of US$1.9 billion to Africa’s most vulnerable populations and partnered with more than 110 visionary organizations.
Thanks to the Foundation’s comprehensive and holistic approach to philanthropic programming, 10.6 million people (over half of them women) living in poverty across the African continent have gained access to financial services, education or employment, empowering them to better their lives and grow their communities.
President and CEO Reeta Roy said, “We believe in the agency of people to change their own lives. When people are equipped with the right skills and tools, they gain confidence and see that a better future is possible. Philanthropy, through our Foundation and other organizations, can inspire and support this change. Done well, our work can be a powerful force for a more equitable and inclusive world.”
The Foundation’s contributions to financial inclusion kicked off in 2008 when it launched its partnership with BRAC to expand financial services to two million people across Uganda. From that starting point, the Financial Inclusion program has connected 39,452 savings groups—groups of individuals who meet to save and borrow communally—to formal financial services. As a result of the Foundation’s financial inclusion programming, 4.5 million people will open mobile money accounts. These services, traditionally denied to the rural poor, allow individuals to grow and expand their businesses, leading to increased job opportunities and prosperity in their communities.
In 2011, the Foundation launched its signature Scholars Program, the largest private scholarship program ever implemented for African youth. While the Program originally aimed to support the education and leadership development of 15,000 young leaders, the Program’s commitment has expanded to over 34,000 talented students and continues to grow. Currently, the Program has awarded over 19,000 scholarships to academically talented students from disadvantaged backgrounds, over 85% of which are for secondary education.
Finally, the Foundation’s Youth Livelihoods program, launched in 2014, connects young people with the skills training they need to succeed. The program has resulted in employment for 127,970 young people to date, 80% of whom are from rural areas. This critical training enables them to obtain jobs and build businesses to improve their livelihoods.
Despite these extraordinary contributions to the betterment of lives in Africa, The MasterCard Foundation’s story remains largely untold. To learn more about how they are changing lives, visit the Foundation’s website, or follow them on Facebook, Instagram, and Twitter.
About The MasterCard Foundation
The MasterCard Foundation works with visionary organizations to provide greater access to education, skills training and financial services for people living in poverty, primarily in Africa. As one of the largest private foundations, its work is guided by its mission to advance learning and promote financial inclusion to create an inclusive and equitable world. Based in Toronto, Canada, its independence was established by Mastercard when the Foundation was created in 2006. For more information and to sign up for the Foundation’s newsletter, please visit www.mastercardfdn.org.
