The Mastercard Foundation Fund for Rural Prosperity (FRP) announced today that five companies will receive a total of $4,438,551 in support of its agenda on financial inclusion in Africa. The five companies, with projects in Burundi, Ghana, Mali, Tanzania, and Zambia, were selected from among 214 firms that submitted applications to the fourth and final phase of the Fund’s rolling competition.
In 2018, the Fund awarded US$11,814,064 to 12 companies in the first three phases of the rolling competition. This announcement completes the Fund’s portfolio aimed at supporting innovative and scalable financial products and services that improve the lives of low-income communities in rural areas of Africa. Since its first awards in 2016, the Fund has distributed more than US$41.5 million to companies across the continent in order to propel financial inclusion.
The overall portfolio now includes 38 projects spread across 15 countries in Africa (Burkina Faso, Burundi, Côte d'Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Kenya, Malawi, Mali, Mozambique, Rwanda, Sierra Leone, Tanzania, Uganda, and Zambia).