In July 2013, Mastercard Foundation and FINCA Canada entered into a 4.5 year, $12.7 million partnership to significantly scale up financial inclusion in Malawi, Tanzania and Zambia. During this period, FINCA will establish new delivery channels to deliver products to rural and underserved communities. In addition, support will allow FINCA to provide training that helps staff shift their orientation from credit-centric products to a broader range of financial services including savings, and further embed social performance metrics into every aspect of FINCA’s operations.
Thanks to this partnership, FINCA aims to reach over 500,000 previously excluded savers and nearly 300,000 borrowers in Malawi, Tanzania, and Zambia by 2017. The MasterCard Foundation also supports FINCA through the IFC and the MicroLead and YouthStart programs, managed by the UNCDF.
Percentage of population that is financially excluded:
- Malawi: 83%
- Tanzania: 83%
- Zambia: 79%
FINCA and Mastercard Foundation share the same values and belief that people have the potential to transform their lives if given the opportunity. By increasing access to high quality microfinance services in Sub-Saharan Africa, FINCA and Mastercard Foundation will enable low-income individuals and households to realize their potential, and improve the lives of their families, and their communities.
The full press release about the partnership can be found here »
You can join the effort to scale up financial inclusion worldwide by donating here.
If you have any questions about this partnership, please contact Stephanie Emond at [email protected] or 514-419-1246.