MasterCard gives $10m to 5 companies to support agric

The MasterCard Foundation has released more than USD 10.6 Million to companies that have evolved innovative strategies to alleviate poverty by increasing access to financial services for farmers particularly in remote communities in Africa.

The companies are APA Insurance Ltd, Finance Africa Ltd/Equitel, M-KOPA LLC, Musonic Kenya Ltd and Olam Uganda Ltd.

The MasterCard Foundation announced these companies as the winners of the 2015 scaling competition when it launched the 2016 edition on the side line of the ongoing 12th CAADP meeting in Accra.

According to MasterCard, the focus of the foundation is to identify visionary organisations to provide greater access to education, skills training and financial services for people living in poverty, primarily in sub Saharan Africa.

“These companies were recognised for their contribution for innovative approaches to financial inclusion and scaling up access to services such as Mobile banking, savings account insurance and credit that benefited nearly 8 million people in remote parts of Africa.”

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