The MasterCard Foundation, a Canada-based nongovernmental organization (NGO) supporting microfinance and education, and CGAP (Consultative Group to Assist the Poor), a US-based nonprofit policy and research center, recently announced a USD 11.4 million partnership to develop low-cost financial products to assist people living in poverty. Over four years, CGAP will seek to improve approaches to offering access to branchless banking services in West Africa, including payment cards and mobile payment systems, with a particular emphasis on serving youth and “extremely” poor people. CGAP will also perform research on the preferences and needs of these groups
As of 2011, the MasterCard Foundation reported approximately USD 3.7 billion in assets. CGAP reported total revenue of USD 29.5 million and total assets of USD 24.2 million for the fiscal year ending June 2011.
By Charlotte Newman, Research Associate
About MasterCard Foundation
Based in Canada, the MasterCard Foundation is a private foundation with the goal of enabling people living in poverty to improve their lives with increased access to microfinance and education. The foundation was established in 2006 by a gift of shares from US-based payment processor MasterCard Worldwide during the company’s initial public offering. As of 2011, the MasterCard Foundation reported approximately USD 3.7 billion in assets.
About CGAP
CGAP (Consultative Group to Assist the Poor) is a US-based nonprofit policy and research center dedicated to providing financial access to poor people worldwide. CGAP is supported by approximately 30 development agencies and private foundations. Its mission is to provide market intelligence, to promote standards and to offer advisory services to governments, microfinance providers, donors and investors. CGAP reported total revenue of USD 29.5 million and total assets of USD 24.2 million for the fiscal year ending June 2011. CGAP is co-located with the offices of the World Bank Group in Washington DC.
Sources and Additional Resources:
MasterCard Foundation Press Release: “The MasterCard Foundation and CGAP Forge $11.4 million Partnership to Develop Effective Financial Products for the Poor,” http://mastercardfdn.org/newsroom/press/the-mastercard-foundation-and-cgap-forge-11-4-million-partnership-to-develop-effective-financial-products-for-the-poor
MicroCapital.org story, August 10, 2012, “MICROCAPITAL BRIEF: MasterCard Foundation, SEEP Network Launch $7.6m Program for Microfinance Associations in Sub-Saharan Africa,”https://www.microcapital.org/microcapital-brief-mastercard-foundation-seep-network-launch-7-6m-program-for-microfinance-associations-in-sub-saharan-africa/
MicroCapital.org story, November 3, 2012, “MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor) Seeks Input on Capacity Building for Financial Inclusion,”https://www.microcapital.org/microcapital-brief-cgap-consultative-group-to-assist-the-poor-seeks-input-on-capacity-building-for-financial-inclusion/
MicroCapital Universe Profile: MasterCard Foundation
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation
MicroCapital Universe Profile: CGAP
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=CGAP+%28Consultative+Group+to+Assist+the+Poor%29
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