The MasterCard Foundation, a private, Canada-based foundation that focuses on education and microfinance, and the Small Enterprise Education and Promotion (SEEP) Network, a US-based network of microenterprise practitioners, recently entered into a four-year, USD 7.6 million partnership to improve microfinance associations in Sub-Saharan Africa. The funds will enable eight microfinance associations with a membership of approximately 500 microfinance institutions (MFIs) to improve their management capacity and improve financial transparency and consumer protection principles.
According to MasterCard Foundation President and CEO Ms Reeta Roy, “This partnership will enable African microfinance associations to mainstream client protection principles across the industry, so that clients benefit from the responsible delivery of financial services.”
Further information on the agreement has not been released.
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 total assets of USD 3.7 billion.
About SEEP Network
The Small Enterprise Education and Promotion (SEEP) Network, which was founded in 1985, connects microenterprise practitioners from around the world to develop practical guidance and tools, build capacity and help set standards to advance its mission of sustainable income in every household. Its members reportedly are active in 170 countries as of 2012.
Sources and Additional Resources:
SEEP Network Press Release: “SEEP Network and The MasterCard Foundation Launch $7.6 million Partnership to Strengthen Microfinance Associations in Sub-Saharan Africa,” http://www.seepnetwork.org/seep-network-and-the-mastercard-foundation-launch–7-6-million-partnership-to-strengthen-microfinance-associations-in-sub-saharan-africa–pages-293.php
MicroCapital.org story, May 13, 2012, “MICROCAPITAL BRIEF: International Finance Corporation, MasterCard Foundation Plan $37m Effort to Improve Financial Services in Africa,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-mastercard-foundation-plan-37m-effort-to-improve-financial-services-in-africa/
MicroCapital.org story, May 16, 2012, “MICROCAPITAL BRIEF: SEEP Network, Citigroup Foundation Launch Planning Stage of Global Savings Campaign,” https://www.microcapital.org/microcapital-brief-seep-network-citigroup-foundation-launch-planning-stage-of-global-savings-campaign/
MicroCapital Universe Profile: MasterCard Foundation
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation
MicroCapital Universe Profile: SEEP Network
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=SEEP+Network
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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