Entries have been accepted for the 2022 Mastercard Rural Prosperity Competition Foundation, all software for this contest will be archived until the deadline and only eligible individuals will be considered.
The Mastercard Foundation Fund for Rural Prosperity seeks to alter the lives of countless people in rural Africa by supporting scalable tax products and services that:
Increase your profits (for example, in conjunction with agricultural inputs that improve crop yields);
improve your benefit (for example, by using savings or insurance); along with
uplifting their communities (for example, creating jobs and stimulating the growth of stable rural fund markets).
If you have a great idea that can have a direct effect, submit your request now! The Fund will ensure that 1,000,000 people in rural Africa use appropriate markets, insurance, and credit services.
This publication provides you with detailed information about the Mastercard Foundation Fund for Rural Prosperity
The 3 principles that guide the Mastercard Foundation Fund for Rural Prosperity are:
Effect:
Projects must have a beneficial impact on the lives of poor rural people by creating jobs, generating income, increasing productivity, and reducing exposure.
Construction:
The Fund plans to harness the imagination and capacity of the financial industry and agribusiness to innovate, improve the use and delivery of financial services at scale.
Sustainability:
Projects supported by the Fund must state explicitly how they plan to achieve financial sustainability over time.
Do you have an innovative idea that can provide people in rural Africa with access to savings, credit and insurance services? Apply today!
Learn more about the MasterCard Foundation Rural Prosperity Contest
Level / field of study
The Opportunity is a competition to which any interested and determined person can apply and participate.
Eligible countries for the Mastercard Foundation Rural Prosperity Contest
All countries of the world are eligible to apply. all you have to do is read the requirements and make sure you meet them.
Host nationality
The Opportunity is funded by the MasterCard Foundation
Grant Worth
The requested grant (D2) must be US $250,000 with a maximum of US $2,500,000.
Qualification for the Mastercard Foundation Rural Prosperity Contest
You must meet ALL of the following criteria for your program to be considered:
Your business is a sole proprietorship, for-profit, partnership, or sole proprietorship. In this regard, software from companies that are majority-owned (at least 50% or more) by the government or a non-profit entity is not eligible.
If you are filing a joint application, there must be a designated company as a result. The lead organization should be among these:
- a licensed financial organization,
- a for-profit business that provides or claims to offer a financial service to the rural poor, or
- a for-profit company that provides or plans to provide non-reimbursable services to the clients of service providers to enable them to use financial services efficiently.
Applicants must demonstrate their own ability to implement the proposed projects. Lead applicants must have a recognized and verifiable organizational history.
The Rural Prosperity Fund will not support startups as lead applicants.
The total support requested from the Fund for Rural Prosperity must be US $250,000 with a maximum of US $ 2,500,000.
The lead organization (and its partners) must provide no less than 30% of the total cost of the project budget (corresponding funding). That will be to show the risk-sharing between your company and the Fund.
The Rural Prosperity Fund service request must be for a specific, innovative, or scalable fiscal product, process, or service for rural clients, or even a special, innovative, and/or scalable tool that facilitates the use of financial services.
They will offer support for financial products, services, or even combinations of them tailored to the demands of rural and agricultural clients, especially small farmers. Projects may involve the provision of non-invasive services aimed at enhancing the ability of rural and agricultural clients to benefit from financial services and products.
You need to establish the potential of the project to increase the supply of financial services among the economically excluded rural poor in the target countries.
The work is likely to be implemented in one or more of the 2 4 eligible countries in sub-Saharan Africa.
Your organization must prove “additionality”, meaning that the project would not be carried out without the service of the Fund or that, if it goes ahead anyway, it will be at a very reduced scale or speed.
Cooperatives and Sacco are not eligible to apply for financial aid as candidates. These are all KPMG audit clients regulated by the US Securities and Exchange Commission or even KPMG audit clients that fall into the categories described here.
Selection criteria
- Ability of this company to implement.
- Commercial viability
- Development effect
- Innovation
- End user capacity development.
The way it works
The Fund will operate two competitions per year (an Innovation Competition and also an Escalation Competition) in 2020, 2021, and 2022. The Fund itself will operate for seven years, and the last four years will specialize in monitoring and evaluating its projects that received financial support.
The contests are intended for financial service providers such as banks, microfinance institutions, insurance providers, and agribusiness who wish to submit a request for support.
Application
The “rolling” competition structure presents an opportunity for high-potential applications that were unsuccessful in around to have time to harden their software and re-enter them before the next closing date.
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