The Mastercard Foundation has finalized its financial inclusion initiative in Africa by awarding $4,438,551 to five companies operating in Burundi, Ghana, Mali, Tanzania, and Zambia. The grants mark the conclusion of the Fund for Rural Prosperity's (FRP) fourth and final phase of its rolling competition, which received 214 applications.
Lindsay Wallace, Director of Strategy and Learning at the Mastercard Foundation, emphasized that the funding enables rural African populations to access financial services for the first time. "This addition strengthens the FRP as a hub for scalable solutions that address the needs of low-income communities," she said.
The FRP has now distributed over $41.5 million since its 2016 launch, with $12 million allocated in 2018 across 12 companies. The latest grants bring the total portfolio to 38 projects spanning 15 African nations, including Burkina Faso, Ethiopia, and Kenya.
Selected companies include Lima Kwanza Limited, PROSEMA-SA, Savonor, Sprint Money Limited, and Syecomp Ghana Limited. Wambui Chege, Team Leader of the FRP, noted the awardees' diverse sectoral approaches. "We will focus on implementation, monitoring, and sharing insights to expand financial access for rural populations," she stated.
