The MasterCard Foundation Fund for Rural Prosperity: Seeking Proposals for the 2016 Innovation Competition

Deadline: 28 March 2016

The MasterCard Foundation Fund for Rural Prosperity (FRP) is seeking proposals for its 2016 Innovation Competition. The competitions are destined for financial service providers such as banks, microfinance institutions, insurance companies and agribusinesses who may wish to apply for support.

The three principles guiding The MasterCard Foundation Fund for Rural Prosperity are:

  • Impact: Projects should have a positive effect on the lives of rural poor people through job creation, income generation, and productivity gains and reduced vulnerability.
  • Innovation: The Fund intends to harness the creativity and capacity of the financial sector and agribusinesses to innovate, increase access to and deliver financial services at scale.
  • Sustainability: Projects supported under the Fund should state explicitly how they aim to achieve financial sustainability over time.

Eligible Countries

Benin, Burkina Faso, Burundi, Cameroon, Côte d’Ivoire, Djibouti, DRC, Ethiopia, The Gambia, Ghana, Kenya, Liberia, Madagascar, Malawi, Mali, Mozambique, Niger, Rwanda, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia.

Funding Size & Duration

Total Funds available over 3 years is US$15 million

  • Min: US$250,000
  • Max: US$1,000,000

Eligibility Criteria

  • The MasterCard Foundation Fund for Rural Prosperity will only support ideas from institutions looking to deliver a financial service, product or process to rural poor people in an eligible African country (mentioned above).
  • Projects may be proposed by a single institution or by a partnership of two or more of them. The proposal must be made by one company acting as the lead organization.
  • Firms that apply should have an established and verifiable institutional track record. The Fund will only consider start-ups in exceptional circumstances where there is strong evidence that the new company has credible and experienced investors and management team.
  • Firms that apply should have transparent ownership and governance structures.
  • Examples of institutions that are eligible include:
    • Banks;
    • Non-bank financial institutions such as insurance or leasing companies;
    • Agribusinesses that provide a financial service or that partner with a financial institution to deliver a financial service to their supply chain;
    • Firms that use mobile or IT technology to support the delivery of financial services to rural poor people; and
    • Firms that provide a non-financial service designed to facilitate increased access to financial services for financially excluded rural poor people. These firms may apply on their own as a lead applicant or may apply in partnership with a financial institution or agribusiness.
  • Projects must demonstrate the potential to increase the provision of financial services to financially excluded poor people in rural areas of eligible countries.

How to Apply

Applicants must register and apply online for the competition via given website.

For more information, please visit Innovation Competition.

Comments

  1. Avatar Taban Augustine says

    Dear sir/Madam
    We are community owned, financed, Controlled and used cooperative in South Sudan called Fulla sacco supporting particularly the Rural community especially women and youth as they are very poor and economically marginalized, they are considered high risk borrowers, with a high likelihood default. Micro finance institution (MFIs) that exists in Some parts of South Sudan avoid loans to the rural communities because of lack of collateral security. We therefore support the women and youth to mobilize savings and use the savings as revolving loan to the members. Commonly known as Village savings and Loan association.
    According to the need assessment taken in 2012 by the staff of Fulla sacco community initiated finance cooperatives , it is estimated that there are close to eight hundreds small and micro entrepreneurs who need financial services, out of these close to 200 alone exist in our District and majority of them being peasant farmers who want to engage in Farming as business .the number is expected to grow if opportunity for micro credit is availed
    In order to energise the entrepreneurial potential of this low-income community and hence, alleviate their economic and livelihood vulnerabilities We then decided in 2013 that the community should start their own initiative to mobilized their own savings and build up self help finance cooperatives called saccos. And currently we have a total of 55 micro credit self-help women and youth groups that need Technical Assistance interm of Institutional capacity Development
    In 2006 an effort was made by NGOs to educate the community on Savings and internal lending methodology. The program did not succeed well as the population especially women population is illiterate that does not engage in record keeping.
    We are looking for grand to enable us built the capacity of the women and youth in entrepreneurship and record keeping and basic Finance literacy program. Please let us know if we are legible to apply for funding from you or please link me to a donor that supports such initiative in South Sudan Eastern Equatoria State.