With Focus on Africa, New DFC and Mastercard Collaboration to Provide up to $50 Million in Potential Financing to Enable Digitization and Financial Inclusion
16 Dezembro 2022 - 10:35AM
Business Wire
At the close of the U.S.-Africa Leaders Summit, U.S.
International Development Finance Corporation (DFC) and Mastercard
announced a collaboration to increase support to financial
institutions, agricultural and technology companies, and other
businesses engaged with Mastercard Community Pass, a digital
platform designed to address infrastructure challenges that arise
in digitizing rural communities, such as unreliable connectivity,
low smartphone ownership, and lack of consistent identification or
credentials.
Through this collaboration, DFC will seek to support potential
investments of up to $50 million in organizations within the
Community Pass network. Community Pass has a growing presence
across five countries in Africa — Kenya, Tanzania, Uganda,
Mozambique and Mauritania — and is also live in India.
“DFC places a priority on mobilizing private sector investment
in building out digital infrastructure,” said DFC CEO Scott Nathan.
“DFC and Mastercard’s work in bolstering financial inclusion and
improving access to digital tools will help make progress toward
our shared goal of bridging the digital divide.”
Mastercard aims to reach 15 million Community Pass users in
Africa, and 30 million users in total, by 2027. By growing the
network of financial institutions and service providers on the
Community Pass platform, this collaboration between DFC and
Mastercard seeks to increase access to critical services in
underserved communities, with the broader goal of building a more
inclusive and sustainable digital economy for all.
“The Community Pass platform enables businesses, governments,
and NGOs to service rural and frequently offline communities. For
example, farmers can access quality seeds, fertilizers, and buyers,
as well as payments and credit,” said Mastercard Executive Vice
President of Humanitarian and Development Tara Nathan. “Our
partnership with DFC exemplifies how funding from the public
sector, combined with technology and expertise from the private
sector, can create a whole that is greater than the sum of its
parts.”
Through Community Pass, service providers can expand access to
essential services and reduce the cost of delivering them. The
platform helps enable digital transactions through innovative
features and secure data platforms. For example, financial
institutions and ag techs in Africa are using Community Pass to
digitize agricultural value chains, enable access to credit, and
create a bigger pool of buyers, helping smallholder farmers get
paid more and faster.
Mastercard’s focus on building and scaling its Community Pass
platform is just one example of the company’s commitment to
advancing economic development and financial inclusion in Africa.
In collaboration with partners like DFC — as well as other
international organizations, governments, banks and fintechs, and
more — Mastercard is working to connect to individuals at the base
of the pyramid with digital tools, including millions of farmers in
Africa who use Community Pass to access markets, grow their
enterprises, and bolster their financial security. Mastercard has
also supported more than a dozen African start-ups through its
award-winning Start Path program.
This morning, Scott Nathan of DFC will join Tara Nathan of
Mastercard for a conversation about mobilizing private sector
investment and promoting financial inclusion in Africa, as well as
opportunities for enabling agricultural development, climate
adaptation, better health outcomes, and more. The discussion,
hosted by the Center for Global Development, will be available via
livestream.
About DFC
U.S. International Development Finance Corporation (DFC)
partners with the private sector to finance solutions to the most
critical challenges facing the developing world today. We invest
across sectors including energy, healthcare, critical
infrastructure, and technology. DFC also provides financing for
small businesses and women entrepreneurs in order to create jobs in
emerging markets. DFC investments adhere to high standards and
respect the environment, human rights, and worker rights.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
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Stacy Day stacy.day@mastercard.com
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