MasterCard Foundation

The MasterCard Foundation is an independent global foundation that states it "advances youth learning and promotes financial inclusion to catalyze prosperity in developing countries."[1] Since its inception in 2006, it has collaborated with partners in developing countries, with a particular focus on Sub-Saharan Africa.[2] It is based in Toronto, Canada and operates independently of MasterCard Worldwide.[2]


History

The foundation was established in 2006 through a gift of shares from MasterCard Worldwide at the time of the company's IPO.[3] Reeta Roy was named the foundation's president and CEO in 2008.[4]

Programs

The MasterCard Foundation increases access to financial services and educational opportunities. To achieve this, it partners with nonprofit and non-governmental organizations that focus on the key areas of Financial Inclusion and Youth Learning.[5]

Financial Inclusion

Financial inclusion is where low-income individuals, households, and small businesses have access to and can effectively use appropriate financial services (formal and non-formal, from a range of providers). The MasterCard Foundation's Financial Inclusion program works with partners to expand access to and increase the reach of financial services. Its goals include:

The foundation's Financial Inclusion partners include ACCION International, the Aga Khan Foundation, BRAC, CARE Canada, Catholic Relief Services, Freedom from Hunger, Grameen Foundation, Fonkoze, Microfinance Information Exchange Inc., Microfinance Opportunities, Microfinance Transparency, Opportunity International, Plan Canada, Save the Children, The SEEP Network, Water.org, Women's World Banking, UNCDF, Equity Group Foundation, Mennonite Economic Development Association (MEDA), Participatory Microfinance Group for Africa (PAMIGA) and The MasterCard Foundation Scholars Program.[7]

Youth Learning

The foundation's Youth Learning program promotes financial education inside and outside of formal school systems, and seeks to use the market to benefit youth and prepare them for the market. The program's goals include:

Youth Learning partners include the African Leadership Academy, Camfed, the International Labour Organization, International Youth Foundation, Education for Employment Foundation, Digital Opportunity Trust, Equity Group Foundation, Aflatoun, YouthBuild, Swisscontact, Fundacion Paraguaya, CAP Foundation, TechnoServe and the University of Minnesota.[9]

The MasterCard Foundation Scholars Program

The MasterCard Foundation Scholars Program provides talented and disadvantaged young people, particularly in Africa, with access to education. It builds on a network of education institutions and nonprofit organizations that provide education and support to young people who are committed to giving back to their communities. [10]

Foundation Scholars partners include Ashesi University, Arizona State University, BRAC Uganda, Camfed, Duke University, EARTH University, McGill University, Michigan State University, Stanford University, University of British Columbia, University of California, Berkeley, University of Toronto and Wellesley College.

See also

References

  1. ↑ "MasterCard Foundation to broaden access to global economy, MoneyControl, MSNBC". Moneycontrol.com. Retrieved 2013-06-28.
  2. 1 2 "The MasterCard Foundation – About Us". Themastercardfoundation.org. Retrieved 2013-06-28.
  3. ↑ tavia grant. "MasterCard bets $1.4-billion on Canada". Theglobeandmail.com. Retrieved 2011-08-24.
  4. ↑ "Roy named president, MasterCard Foundation". Retrieved 2013-06-28.
  5. ↑ "What We Are Learning". The MasterCard Foundation. Retrieved 2013-06-28.
  6. ↑ "Program Strategies - The MasterCard Foundation". Retrieved 12 March 2015.
  7. ↑ MasterCard Foundation - Financial Inclusion - All Projects
  8. ↑ "Program Strategies - The MasterCard Foundation". Retrieved 12 March 2015.
  9. ↑ "The MasterCard Foundation – Youth Learning - All Projects". Themastercardfoundation.org. Retrieved 2013-06-28.
  10. ↑ "MasterCard Foundation $500 million Scholars Program for Africa's Young People - Study & Scholarships". Retrieved 12 March 2015.

External links


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