MICROCAPITAL BRIEF: MasterCard Foundation, UN Capital Development Fund (UNCDF) Launch YouthStart to Expand Financial Services for Youth in Sub-Saharan Africa

The MasterCard Foundation, a private Canadian foundation that seeks to alleviate poverty through microfinance and education, and the UN Capital Development Fund (UNCDF), the investment agency of the UN, recently announced that they have partnered to launch YouthStart, a competition-based program aimed at increasing access to financial services for low-income youth in Sub-Saharan Africa. MasterCard has contributed USD 12 million to support up to 12 financial institutions that will pilot financial products, with an emphasis on savings. UNCDF will seek to encourage collaboration among financial institutions and non-financial service providers to reach out to youth [1].

About the MasterCard Foundation: Based in Canada, the MasterCard Foundation is a private foundation with over CAD 3 billion (the equivalent of USD 2.9 billion) in assets as of 2009. The foundation’s goal is to enable people living in poverty to improve their lives through increased access to microfinance and education. The Foundation was established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering.

About the UN Capital Development Fund: The United Nations Capital Development Fund (UNCDF) provides investment capital and technical advice to developing countries to promote microfinance and other forms of private sector development. UNCDF invests in 52 the least developed countries with a total program portfolio amounting to approximately USD 200 million as of 2010. Through its programs, UNCDF strives to contribute to the attainment of the Millennium Development Goals (MDGs

By Diana Baide, Research Assistant

[1] The MasterCard Foundation and UN Capital Development Fund Increase Access to Financial Services for Young People in Sub-Saharan Africa

http://www.uncdf.org/english/news_and_events/index.php?record=165

UN Millenium Development Goals

http://www.un.org/millenniumgoals/

MicroCapital’s Microfinance Universe profile: MasterCard Foundation

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation

MicroCapital’s Microfinance Universe profile: UNCDF

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=United+Nations+Capital+Development+Fund+(UNCDF)

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