Mastercard is working with the US International Development Finance Corporation (DFC) to pump up to $50 million into organisations working to enable digitisation and financial inclusion in Africa.
The collaboration will see DFC support potential investments of up to $50 million in organisations within the Mastercard Community Pass network.
Community Pass is a digital platform designed to address infrastructure challenges that arise in digitising rural communities, such as unreliable connectivity, low smartphone ownership, and lack of consistent identification or credentials.
The platform is used by financial institutions, agricultural and technology companies, among others, to get services to people in remote areas. For example, financial institutions and ag techs are using Community Pass to digitise agricultural value chains, enable access to credit, and create a bigger pool of buyers, helping smallholder farmers get paid more and faster.
Community Pass has a growing presence across five countries in Africa — Kenya, Tanzania, Uganda, Mozambique and Mauritania — and is also live in India. Mastercard has set itself a target of getting 15 million Community Pass users in Africa, and 30 million users in total, by 2027.
Tara Nathan, EVP, humanitarian and development, Mastercard, says: “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.
“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.”