Entries have been accepted for the Mastercard Foundation Rural Prosperity Competition 2024, all software for this contest will be to be filed until the deadline and only eligible persons will be contemplated.
The Mastercard Foundation Fund for Rural Prosperity seeks to alter the lives of countless people in rural Africa by supporting scalable fiscal services and products which:
Increase their earnings (by way of instance, together with agricultural input that improve crop yields);
improve their benefit (as an example, through the use of savings or insurance ); along with
lift their communities (as an instance, by creating jobs and stimulating the increase of stable, rural fund markets).
If you have an excellent idea that may make a direct effect, then submit your application now! The Fund will ensure 1,000,000 people in rural Africa have use of markets that are appropriate, insurance and credit services.
This post provides you with detailed information about the Mastercard Foundation Fund for Rural Prosperity. You can scroll the table of content below to get an overview of all this post entails.
The 3 principles guiding the Mastercard Foundation Fund for Rural Prosperity are:
Effect:
Projects should possess a beneficial impact on the lives of rural poor people through job creation, income generation, productivity gains, and reduced exposure.
Construction:
The Fund plans to harness the imagination and capacity of the financial industry and agribusinesses to innovate, enhance the usage of and deliver financial services in scale.
Sustainability:
Projects supported under the Fund should say explicitly how they plan to achieve financial sustainability over time.
Have you got an innovative idea that may provide people in rural Africa with access to savings, credit and insurance services? Apply today!
More to Know about MasterCard Foundation Rural Prosperity Competition
Level/Field of study
The Opportunity is a Competition which any interested and determined People can apply and be part of.
Eligible countries for the Mastercard Foundation Rural Prosperity Competition
All Countries of the world are eligible to apply. what you have to do is to read through the requirements and ensure you meet up with them.
Host Nationality
The Opportunity is funded by the MasterCard Foundation
Grant Worth
The grant asked (D2 ) must be US$250,000 with no longer than US$2,500,000.
Qualification for the Mastercard Foundation Rural Prosperity Competition
You must meet ALL of the following criteria for your program to be considered:
Your company is an exclusive, for-profit company, partnership or sole trader. In this regard, software from companies that are majority-owned (at least 50% and above) by the government or from a non-profit entity isn’t eligible.
If you are submitting a joint application, there must be one company designated as an outcome. The lead organization should be among these:
- a licensed financial organization,
- a for-profit company that provides or aims to offer a financial service into the rural poor, or
- a for-profit company that provides or plans to give non-refundable services to customers of services providers to enable them to utilize financial services efficiently.
Applicants will need to demonstrate their own capacity to implement their proposed projects. Lead applicants have to have a recognized and verifiable organizational history.
The Fund for Rural Prosperity will not support start-ups as lead applicants.
The full entire support requested from the Fund for Rural Prosperity needs to be US$250,000 with no longer than US$2,500,000.
The lead organization (and its partners) must provide no less than 30% of the total cost of the project budget (matching funding ). That will be to show risk-sharing between your company and the Fund.
The Fund for Rural Prosperity service request should be for a certain, innovative or scalable fiscal product, process, or service for rural clients or even a special, innovative and/or scalable tool that facilitates the uptake of financial services.
They’ll offer support to financial products, services, or even combinations of them tailored towards the demands of rural and agricultural customers, notably smallholder farmers. Projects might involve the provision of non-invasive services geared toward improving the capability of rural and agricultural clients to gain from financial services and products.
You have to establish the project’s potential for raising the supply of financial services into the financially excluded rural poor in target countries.
The job is likely to be implemented at one or more of the 2 4 eligible sub-Saharan Africa countries.
Your organization must prove”additionality” i.e. that the project would not go ahead without the Fund’s service or that, in case it goes ahead anyway, it’d be at a much-reduced scale or speed.
Co-operatives and Sacco aren’t eligible to apply for financial aid as candidates. All these are KPMG audit clients regulated by the Securities and Exchange Commission of the US or even KPMG audit clients who fall under the categories outlined here.
Selection Criteria
- Capacity of this company to implement
- Commercial viability
- Development effect
- Innovation
- Capacity development of ending users
The Way It Works
The Fund will operate two competitions per year (an Innovation Contest and also a Scaling Competition) in 2015, 2016, and 2017. The Fund itself will work for seven years with the final four years specializing in monitoring and evaluation of their projects that received financial support.
The contests are destined for financial service providers such as banks, microfinance institutions, insurance providers and agribusinesses who may wish to make an application for support.
Application
The’rolling’ competition structure presents an opportunity for high prospective applications that were unsuccessful in one around to have time to strengthen their software and re-enter them before the next closing date.
For a quick mention of some of the usual questions being asked about the Mastercard Foundation Fund for Rural Prosperity, please click here.
Deadline: Rolling
Download the Contest Guidance Notes.
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