This archive report was first published on 27 September 2019.
On September 27, 2019, Mastercard and Rabobank announced a strategic partnership to increase financial inclusion across the agriculture value chain in emerging markets.
The partnership aims to provide one million farmers with access to a digital platform that makes it easier for them to sell their produce for a fair price.
The platform builds on Mastercard's existing Farmer Network and will be enriched by Rabobank's expertise and reach in the food and agricultural sectors across Europe, Africa, and Asia.
Her Majesty Queen Máxima of the Netherlands, in her capacity as the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development, witnessed the signing of the partnership during the CEO Partnership for Economic Inclusion meeting earlier this year.
Under the partnership, Mastercard and Rabobank will extend the reach and impact of the Mastercard Farmer Network across Uganda, Tanzania, Kenya, Ghana, Egypt, and India.
Many smallholder farmers in these countries have limited access to market information, finance, and management skills, leading to insecurity, inefficiencies, and a waste of resources.
Since its launch in 2015, the Mastercard Farmer Network has reached more than 250,000 farmers in Uganda, Tanzania, and India.
“At Mastercard, we envision a world in which economic growth is truly inclusive,” said Arjan Bol, Netherlands country manager for Mastercard.
“Mastercard Farmer Network contributes to this by offering a digital platform that makes it safer and simpler for small-holder farmers to grow their business.
Through close collaborations with important partners like Rabobank, we are able to create even more impact, putting the digital economy to work for everyone, everywhere,” he added.
The announcement comes as Ajay Banga, president and CEO of Mastercard, joins world and business leaders in celebrating Queen Máxima's 10-year anniversary as the UNSGSA at the United Nations General Assembly's special side event “Financial Inclusion for Development: Building on 10 Years of Progress” in New York.
Wiebe Draijer, CEO of Rabobank, said, “We believe that sustainable partnerships in the food and agri value chain are key to guaranteeing food security in the future.
This partnership creates a unique opportunity to expand access to the formal economy and financial services for hundreds of thousands of farmers.
By joining forces with Mastercard, we address both of our goals to increase financial inclusion in the agri-sector, while also contributing significantly to Rabobank's Banking for Food strategy,” he added.
