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The Mastercard Foundation Fund for Resilience and Prosperity is a seven-year initiative with a budget of US$ 126 million, aimed at providing support to Small and Medium-sized Enterprises (SMEs) in 20 countries across Sub-Saharan Africa.
The fund targets sectors such as agriculture, climate adaptation, and the digital economy.
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This program represents the second phase of the Mastercard Foundation’s efforts, following the initial phase known as the Mastercard Foundation Fund for Rural Prosperity, which commenced in 2014.
The Rural Prosperity Fund, an eight-year endeavor, supported 38 participants from 15 African countries in developing and scaling financial products and services, primarily focusing on rural populations with an emphasis on agriculture. Notably, the Fund facilitated access to financial products and services for over 5.3 million individuals, surpassing its initial target of 1 million.
The overarching objective of the Resilience and Prosperity Fund is to foster enterprise growth and facilitate the creation of dignified employment opportunities for young men and women, individuals with disabilities, and refugee youth, thereby contributing to sustainable economic development.
The interventions under the Mastercard Foundation Fund for Resilience and Prosperity encompass four key components:
1. Challenge Fund: Providing direct financial assistance through a challenge fund to address barriers to resource flow for SMEs seeking to scale up operations and create employment opportunities for youth.
2. Connect Fund: Offering support for investor readiness to SMEs and facilitating partnerships with potential financiers to ensure sustainability and expansion.
3. Technical Assistance (TA): Providing capacity building and technical support to address challenges related to human capital and market access.
4. Convening and influencing: Bringing together relevant stakeholders to promote an enabling business environment through established partners and digital platforms, facilitating systemic change and addressing barriers to youth employment, particularly for young women.
The thematic sectors targeted by the Fund include agriculture, climate adaptation, and the digital economy. Through these focused efforts, the Mastercard Foundation Fund for Resilience and Prosperity aims to drive sustainable growth and enhance economic opportunities for SMEs across Sub-Saharan Africa.
Click here for more information about the resilience and prosperity fund.
