Mastercard Foundation

The Mastercard Foundation is an international non-governmental organization established by Mastercard in 2006. The foundation develops programs primarily in education, employment and agriculture fields.[1][2][3][4][5][6]

Mastercard Foundation
AbbreviationMCF
Founded2006 (2006)
TypeCharitable organization, NGO
Location
Area served
Worldwide
Key people
Reeta Roy (CEO)
WebsiteMasterCardFdn.org

The organization is located in Toronto, Ontario Canada, working in 29 countries across Africa and led by CEO and President Reeta Roy.[7][8]

History

In 2006 Mastercard Inc. held its initial public offering (IPO) where Mastercard shareholders made a donation of the newly issued shares to create an independent charitable foundation named Mastercard Foundation.[9][10][11]

In 2008, the foundation launched partnership with BRAC to expand financial services to approximately two million people across Uganda.[12]

In September 2012, the MasterCard Foundation Scholars Program was announced at a United Nations special session, committing $500 million toward the education of 15,000 African scholars for secondary, undergraduate and masters levels.[13][14]

In 2013, the Mastercard Foundation hosted the first Symposium on Financial Inclusion, currently this is an annual event.[15][16]

In 2015, The Mastercard Foundation Fund for Rural Prosperity (FRP) was launched. It is a challenge fund to find, support, and scale up innovative ideas that expand financial inclusion to smallholder farmers and economically disadvantaged people living in rural Africa.[17]

In 2018, Young Africa Works strategy launched in Kigali, Rwanda.[18] Young Africa Works is strategy to help young people in Africa, particularly young women, secure dignified and fulfilling work.[19][20][21][22][23]

Mission

The Mastercard Foundation’s mission is to advance education and financial inclusion in developing countries. It seeks a world where everyone has the opportunity to learn and prosper.[24]

At the African Green Revolution Forum's presidential summit in 2019, Mastercard Foundation CEO Reeta Roy stated “Our goal is simple. It is to make the invisible visible. It’s to enable young people to create dignified work where it does not exist today”.[25]

References
  1. "Mastercard Foundation's $200m initiative to increase access to funding for Senegalese startups". Ventureburn.
  2. Mohammed, Omar. "Mastercard Foundation to spend $100 million in Rwanda to help create jobs". Reuters.
  3. Sinha, Prerna. "Opportunity International and The MasterCard Foundation Plan To Help 7M Out of Poverty With $22.7M Partnership". Forbes.
  4. Gravois, Anna (2019-10-07). "Microcapital Brief: Mastercard Foundation Commits $200m to "Young Africa Works," a 10-year, 10-country Effort Launching in Senegal". MicroCapital. Retrieved 2020-01-21.
  5. "Mastercard foundation to help create 10 million jobs in Ethiopia". The Exchange. 2019-11-25. Retrieved 2020-01-21.
  6. "Africa's Premier Agriculture Forum Secures $500 Million for Young 'Agripreneurs', More than $200 Million in Agribusiness Venture Capital, and Major New Efforts to Advance Digital Farmer Services". AGRF 2020. 2019-09-07. Retrieved 2020-01-21.
  7. "How a mother's gamble sparked thousands of scholarships | The Star". thestar.com. Retrieved 2020-01-21.
  8. "From One of the World's Biggest Foundations, a Push to Help Young Africans Find Work". Inside Philanthropy. Retrieved 2020-01-21.
  9. Sidel, Robin (2005-09-01). "MasterCard Aims to Shift Ownership". The Wall Street Journal. ISSN 0099-9660. Retrieved 2020-01-21.
  10. Fleischer, Victor (2006-03-08). "The Mastercard IPO: Protecting the Priceless Brand". Rochester, NY. SSRN 888923. Cite journal requires |journal= (help)
  11. "MasterCard's upcoming IPO may not be priceless - May. 18, 2006". money.cnn.com. Retrieved 2020-01-21.
  12. "BRAC and MasterCard Foundation Expand Microfinance Services in Uganda". www.brac.net. Retrieved 2020-01-21.
  13. "About the Mastercard Foundation Scholars Program | Duke Office of Undergraduate Scholars & Fellows". ousf.duke.edu. Retrieved 2020-01-21.
  14. Wellington, Jonno McPikeStudent at Victoria University of; Zeal, New; policy, Focusing on education; Aid, Its Role Within Foreign (2020-01-14). ""The Goalposts Are Moving": Recognizing Education's Importance Today". The Organization for World Peace. Retrieved 2020-01-21.
  15. "Symposium on Financial Inclusion". Mastercard Foundation. Retrieved 2020-01-21.
  16. "The First MasterCard Foundation Symposium on Financial Inclusion begins !". www.microworld.org. Retrieved 2020-01-21.
  17. "Rural and Agricultural Finance". Mastercard Foundation. Retrieved 2020-01-21.
  18. Bizimingu, Julius. "Rwandan youth to benefit from Mastercard job-creation initiative". The New Times. Retrieved 2020-01-21.
  19. "Young Africa Works – Mastercard Foundation". mastercardfdn.org. Retrieved 2020-01-21.
  20. "Mastercard Foundation's $200m initiative to increase access to funding for Senegalese startups". Ventureburn. 2019-09-25. Retrieved 2020-01-21.
  21. "Mastercard Foundation to help Ethiopia create 10 million jobs". Retrieved 2020-01-21.
  22. "Reeta Roy – president and CEO, Mastercard Foundation". newafricanmagazine.com. Retrieved 2020-01-21.
  23. "Our Approach". Mastercard Foundation. Retrieved 2020-01-21.
  24. "Our Mission". Mastercard Foundation. Retrieved 2020-01-21.
  25. "Reeta Roy Remarks at AGRF 2019 Presidential Summit". Mastercard Foundation. 2019-09-04. Retrieved 2020-01-21.
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