MasterCard Foundation said Monday that it will spend $37.4 million in partnership with the International Finance Corp. over the next five years to help grow access to financial services in Africa.
The partnership will focus on expanding access to microfinance and further developing mobile banking in sub-Saharan Africa.
The IFC, a member of the World Bank Group, is already active on the continent in microfinance. The MasterCard Foundation has committed $230 million to microfinance projects globally since its founding in 2006. The foundation was established by MasterCard Worldwide when it was publicly listed, but operates independently of the company.
The partnership will initially use IFC’s 27 clients in 14 African countries and the organizations expect to increase financial services access by 5.3 million people. Part of the focus will be on improving access to insurance and loans through mobile phone banking.
9 May 2012