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Tag: Mastercard

  • Mastercard-AfDB Digital Economy Alliance to boost African digital access

    Mastercard-AfDB Digital Economy Alliance to boost African digital access

    Mastercard and the African Development Bank (AfDB) have joined forces to enhance African digital access through the Mastercard-AfDB Digital Economy (MADE) Alliance. 

    This initiative aims to connect 100 million people and businesses to essential digital services over the next decade, marking a significant step forward in Africa’s digital transformation.

    The MADE Alliance is a strategic collaboration designed to foster digital inclusion and economic growth across the continent. By leveraging Mastercard’s expertise in digital payments and AfDB’s extensive network and resources, the alliance seeks to create a robust digital ecosystem that empowers individuals and businesses alike.

    Read also: Access Bank, Mastercard partner for cross-border payments in Africa

    One of the primary goals of the MADE Alliance is to connect 100 million people and businesses to vital digital services by 2034. This ambitious target reflects the alliance’s commitment to bridging the digital divide that has long hindered Africa’s development. By providing greater access to digital tools and services, the partnership aims to drive economic growth, improve livelihoods, and enhance millions of Africans’ overall quality of life.

    Focusing on Agriculture and Women’s Empowerment

    The initiative will initially focus on two critical areas: agriculture and women’s empowerment. 

    Agriculture remains a cornerstone of many African economies, and the MADE Alliance aims to revolutionise this sector through digital innovation. The initiative will provide access to real-time data, market information, and financial services by connecting farmers to digital platforms. These tools can help farmers increase their productivity, access new markets, and ultimately improve their incomes. Digital solutions like mobile banking and e-commerce platforms will enable farmers to manage their businesses more efficiently and sustainably.

    Empowering women is another critical priority for the MADE Alliance. Women play a crucial role in Africa’s economy, yet they often face significant barriers to accessing digital services and financial resources. The initiative will focus on providing women with the tools and knowledge they need to thrive in the digital economy. This includes access to digital financial services, entrepreneurship training, and support for women-led businesses. By empowering women, the alliance aims to foster inclusive economic growth and promote gender equality across the continent.

    Driving Africa’s Digital Era

    The partnership between Mastercard and AfDB represents a significant milestone in Africa’s journey towards a more connected and inclusive digital future. By addressing critical barriers to digital access and fostering innovation, the MADE Alliance is set to drive substantial progress in the region’s digital transformation.

    A crucial aspect of the MADE Alliance is the creation of a sustainable digital ecosystem that can support long-term growth and development. This involves providing access to digital services and ensuring that the necessary infrastructure, policies, and skills are in place to sustain these advancements. The alliance will work closely with governments, private sector partners, and local communities to build a robust and resilient digital infrastructure that can adapt to changing needs and challenges.

    MADE will Promote Financial Inclusion and Digital Literacy

    Financial inclusion is a core component of the MADE Alliance’s mission. By expanding access to digital financial services, the initiative aims to bring more people into the formal economy and provide them with the tools they need to manage their finances effectively.

    Read also: Injini Mastercard Foundation supports 12 startups in South Africa

    This includes access to mobile banking, digital payments, and microfinance services that can help individuals and businesses build financial security and resilience.

    To ensure the success of the MADE Alliance, it is essential to promote digital literacy and skills development across the continent. The initiative will provide education and training programs that equip individuals with the knowledge and skills to navigate the digital landscape.

    This includes everything from basic digital literacy to advanced technical skills, helping to create a digitally savvy workforce that can drive innovation and growth.

  • Access Bank, Mastercard partner for cross-border payments in Africa

    Access Bank, Mastercard partner for cross-border payments in Africa

    Access Bank Group, a prominent multinational bank, announced today an innovative solution in partnership with Mastercard to increase access to international cash transfers and remittances to and from the African continent, thus bringing Africa closer to the global economy.

    Using Mastercard Move’s network and financial capabilities, Access Bank will enable consumers and businesses to conduct instant, accessible, smooth, and cost-effective international transactions through its innovative Access Africa platform.

    Read also: Access Bank’s mobile app fails to deliver emergency services

    The newly released system will be operational across Africa beginning today, with plans for additional expansion. The solution provides a worldwide gateway for businesses and individuals to take advantage of Access Bank Group’s extensive knowledge of African industries and forward-thinking vision, which aspires to achieve customers’ objectives through innovative product sets. This relationship, which combines Mastercard’s many complementary network assets with the treasury capabilities of Mastercard Move, provides clients with extra payment options.

    Unlocking Opportunities for African Businesses Through Cross-Border Payments

    Cross-border payments continue to play an essential role in Africa’s economy, with flows to Sub-Saharan Africa expected to rise by approximately 1.9% to $54 billion in 2023 as a result of solid remittance growth in Mozambique, Rwanda, and Ethiopia, with Nigeria accounting for 38% of remittance flows. Remittances to the region are expected to grow by 2.5% in 2024. B2B cross-border payments provide a lifeline to many enterprises that rely on regional and international trade to drive African economic growth.

    Robert Giles, Senior Advisory, Retail Banking, Access Bank, said, “We are thrilled to be working with Mastercard to advance financial stability in Africa through the Access Africa initiative. “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more equitable and prosperous future for all Africans.”

    Customers in Access Bank’s African operational countries can now send and receive payments across borders through various channels, including bank accounts, smartphone wallets, cards, and cash.

    “We are very proud to have empowered Access Customers of banks with new solutions that prioritise choice, security, and convenience. The partnership demonstrates Mastercard’s commitment to transforming payment experiences by bringing innovative payment solutions to the bank’s diverse customers while also expanding the reach of Mastercard’s financial and digital environment, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy,” says Mark Elliott, Division President for Africa at Mastercard.

    Read also: Seamfix secures $4.5 million in first fundraising round, to expand beyond Nigeria

    Partners in Innovation: Fable Fintech, Access Africa, and Mastercard

    Fable Fintech, an Express Partner of the Mastercard Move Partner Programme, was the solution’s technical implementation partner, working closely with Access Africa and Mastercard Move experts. Naushad Contractor, Co-Founder and CEO of Fable Fintech stated, “We were privileged to be at the centre of the excellent multi-country incorporation of one of Africa’s leading banks, leveraging Mastercard’s international assets. We look forward to partnering on more innovative solutions to empower the lives of African customers and businesses.

    This revolutionary partnership marks a significant advancement towards creating a more beneficial financial ecosystem in Africa, with both parties committed to actively utilising their combined strengths, resources, and expertise to drive meaningful change and improve financial literacy for millions across the African continent.

  • Lagos to partner Mastercard on technology

    Lagos to partner Mastercard on technology

    Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday, indicated an interest in a mutually beneficial partnership between the Lagos State Government and Mastercard for technology, digitalization, and innovation.

    The governor said the development of backend infrastructure by the Lagos State Government will help drive Mastercard’s investment in the state.

    Governor Sanwo-Olu spoke when the Management of Mastercard, led by its President for Eastern Europe, the Middle East, and Africa, Dr. Dimitrios Dosis, paid him a courtesy visit at Lagos House, Marina.

    Read  also: Mastercard EdTech Fellowship applications opens

    Sanwo-Olu said his administration is open, willing, and eager to make technology a way of life, adding that there is a lot the Lagos State Government and Mastercard can jointly develop and move forward in the area of technology.

    He said: “Part of our vision is for Lagos to become the knowledge warehouse, a city where anywhere in the world, if you need anything in terms of innovation, knowledge, and skills, you will come to Lagos.

    “We want to develop millions of young people who are not only smart, but willing to change and take on the world. We have seen that in our creative minds, either in entertainment, arts and culture, innovation, and technology.

    “We need to channel the energy of the young people positively to be able to help solve world problems. They need to have access and platforms through which they can flourish and show the skills they have.

    “We are trying to build a lot of capacity in smart city and security. We don’t want people to come and give us handouts; we want a real partnership where we can identify the problem and come up with solutions.”

    Read also: Mastercard Accelerates Card Plastic Recycling

    Speaking earlier, Dr. Dimitrios Dosis expressed his organization’s commitment to partner with the Lagos State Government.

    He said: “I was impressed by the passion I saw in your fintech community. We have had the pleasure in the last two days to meet a number of your fintech. The passion I saw in your fintech community is second to none.

    “I also saw innovation taking place in your payment space. I also see innovation in your transport system, which I know is something that you developed for the city.

    “We have a lot of technology that we would like to bring to this country and we want to bring some innovation to Lagos,” he said.

  • Egypt partners Mastercard for payments technology solutions

    Egypt partners Mastercard for payments technology solutions

    Alexbank, one of Egypt’s leading banks, has embarked on a strategic partnership with Mastercard, a global leader in payment technology and solutions. 

    This collaboration aims to revolutionise Egypt’s payment landscape, enhancing convenience, security, and accessibility for customers across the country.

    Read also: Ethswitch, Mastercard digitize Ethiopian payments

    Advancing Payment Infrastructure

    The partnership between Alexbank and Mastercard signifies a significant step forward in Egypt’s journey towards modernizing its payment infrastructure. By leveraging Mastercard’s cutting-edge technologies and global expertise, Alexbank aims to introduce innovative payment solutions that cater to the evolving needs of Egyptian consumers and businesses.

    Through this collaboration, Alexbank seeks to address key challenges in the current payment ecosystem, such as limited acceptance of electronic payments, security concerns, and the need for greater financial inclusion. By harnessing Mastercard’s robust network and advanced payment technologies, Alexbank aims to expand the acceptance of digital payments across various sectors, including retail, e-commerce, and government services.

    Empowering Financial Inclusion

    One of the primary objectives of the partnership between Alexbank and Mastercard is to promote financial inclusion among underserved communities in Egypt. Through the introduction of inclusive payment solutions, such as prepaid cards, mobile wallets, and digital payment platforms, Alexbank aims to provide access to financial services for individuals who have traditionally been excluded from the formal banking system.

    Mastercard’s expertise in developing tailored solutions for emerging markets will play a crucial role in ensuring the success of this initiative. By leveraging Mastercard’s insights and resources, Alexbank can design inclusive payment products that meet the unique needs and preferences of Egypt’s diverse population. This includes features such as low-cost transactions, simplified account opening processes, and support for non-traditional forms of identification.

    Mastercard Accelerates Card Plastic Recycling

    Enhancing Security and Convenience

    In addition to driving financial inclusion, the collaboration between Alexbank and Mastercard aims to enhance the security and convenience of electronic payments in Egypt. With the proliferation of digital transactions, ensuring the integrity of payment systems and protecting consumers’ sensitive information has become paramount.

    Mastercard’s advanced security solutions, such as tokenization, biometric authentication, and fraud detection algorithms, will be integrated into Alexbank’s payment infrastructure to safeguard against unauthorized access and fraudulent activities. By adopting these state-of-the-art security measures, Alexbank can instil confidence among consumers and merchants, encouraging greater adoption of digital payment methods.

    Furthermore, the partnership with Mastercard will enable Alexbank to introduce innovative payment experiences that prioritize convenience and usability. Whether through contactless payments, in-app purchases, or seamless checkout experiences, Alexbank aims to simplify the payment process for customers, driving higher engagement and satisfaction.

    The collaboration between Alexbank and Mastercard represents a significant milestone in Egypt’s journey towards a more inclusive, secure, and efficient payment ecosystem. By harnessing Mastercard’s expertise and technologies, Alexbank is poised to introduce transformative payment solutions that cater to the diverse needs of Egyptian consumers and businesses. Through initiatives focused on financial inclusion, security enhancement, and convenience optimization, Alexbank and Mastercard are set to reshape the future of payments in Egypt, driving economic growth and prosperity for all.

  • Mastercard unveils UEFA Champions League Credit Card in Egypt

    Mastercard unveils UEFA Champions League Credit Card in Egypt

    Mastercard, in partnership with the National Bank of Egypt (NBE), has introduced the UEFA Champions League Mastercard Credit Card, the first of its kind in Egypt. 

    This innovative card offers NBE cardholders exclusive benefits and cashback on online purchases, targeting young football enthusiasts and strengthening the partnership between Mastercard and NBE.

    Elevating Cardholder Experience

    Adam Jones, Country General Manager, MENA Central, Mastercard, expressed delight in collaborating with NBE to enhance the cardholder experience. He emphasised the card’s role in connecting fans with their passion for football, offering unparalleled privileges that reflect Mastercard’s commitment to delivering priceless experiences.

    Read also: Ethswitch, Mastercard digitize Ethiopian payments

    “We are delighted to collaborate with the National Bank of Egypt and elevate the cardholder’s experience beyond expectations. This partnership is another testament to connecting fans with their passion. As a UEFA Champions League Partner of more than 25 years, the new card is a gateway to a world of unparalleled privileges, reflecting our dedication to making every connection truly priceless.” Jones said

    Yehia Abou Al-Fotouh, Deputy Chairman of NBE, highlighted the collaboration’s significance in providing innovative financial solutions for customers who are football fans. The partnership combines a passion for sports with banking products and services.

    Al-Fatouh added, “Such collaboration furthers the fruitful partnership between the two parties in providing diverse, innovative, and unique financial solutions with exclusive benefits for football-loving customers.”

    Encouraging Digital Payments

    Karim Sous, CEO of Retail Banking and Branches at NBE, emphasised that the new card encourages existing and new customers to use digital payments for their transactions. The card provides points, rewards, and exclusive benefits, contributing to a less cash-dependent society.

    Sous explained that customers “can issue this new card with a credit limit starting from EGP 3,000 up to a maximum of EGP 250,000, at the convenience of each customer. This motivates existing and new customers to use digital payments for their financial transactions while gaining more points and rewards as well as other exclusive benefits, which contributes significantly to the transition towards a society that is less dependent on cash.”

    Inji Borai, Vice President and Country Manager, Mastercard Egypt, highlighted Mastercard’s commitment to connecting people to their passions. The UEFA Champions League credit card offers fans an opportunity to create unforgettable moments, enjoy exclusive privileges, and celebrate personalised journeys, resonating with Egyptians’ passionate love for football.

    Mastercard partners Ingiz to boost financial literacy in Egypt 

    Exclusive Benefits for Cardholders

    The UEFA Champions League credit card offers cardholders a chance to win free tickets to matches, including accommodation and travel. Additionally, NBE provides a 10% cashback per month on online purchases, capped at EGP 125 per card, and allows a 3-month interest-free payment in instalments for purchases up to EGP 10,000 a year through the “Loan-on-Phone” service.

    Mastercard’s collaboration with NBE to launch the UEFA Champions League Mastercard Credit Card in Egypt signifies a commitment to providing innovative financial solutions that cater to the passions of customers. The card’s exclusive benefits and rewards aim to enhance the cardholder experience and promote digital payments, aligning with the vision of creating a more connected and convenient banking experience for all.

  • Mastercard, MTN partner on mobile payments in Africa

    Mastercard, MTN partner on mobile payments in Africa

    In a landmark collaboration, Mastercard, a global leader in payments technology, and MTN Group, Africa’s leading telecommunications provider, have joined forces to revolutionise mobile payments across the continent. 

    This strategic partnership aims to leverage the widespread adoption of mobile technology in Africa to drive financial inclusion and empower millions of individuals and businesses with convenient, secure, and accessible digital payment solutions.

    One of the primary objectives of the Mastercard and MTN Group partnership is to enhance financial inclusion in Africa. With a significant portion of the population lacking access to traditional banking services, mobile payments offer a transformative opportunity to bridge this gap. By combining Mastercard’s expertise in payment technology with MTN’s extensive network infrastructure, the partnership seeks to provide underserved communities with access to essential financial services, including digital payments, savings, and credit.

    Read also: Mastercard Accelerates Card Plastic Recycling

    Expanding Access to Digital Payments

    Mobile payments have emerged as a game-changer in Africa, offering a convenient and cost-effective alternative to cash transactions. Through this collaboration, Mastercard and MTN aim to accelerate the adoption of digital payments by offering innovative solutions tailored to the needs of local consumers and businesses. By integrating Mastercard’s secure payment technology with MTN’s mobile platforms, users can enjoy seamless and secure transactions across a wide range of merchants, from small retailers to e-commerce platforms.

    Enhancing Security and Convenience

    Security and convenience are paramount in driving the widespread adoption of mobile payments. Mastercard’s advanced security features, such as tokenization and biometric authentication, ensure that transactions are protected against fraud and unauthorized access. By integrating these security measures into MTN’s mobile payment ecosystem, users can have peace of mind knowing that their financial information is safeguarded at all times. Moreover, the partnership aims to streamline the payment experience, enabling users to make transactions quickly and easily, whether they are sending money to family members, paying bills, or shopping online.

    Empowering Small Businesses

    Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth and job creation in Africa. However, many SMEs face challenges in accessing formal financial services, hindering their ability to thrive and expand. Through the Mastercard and MTN partnership, SMEs will gain access to a wide range of digital payment solutions tailored to their needs. Whether it’s accepting card payments through mobile point-of-sale devices or accessing credit facilities to fund business growth, this collaboration empowers SMEs with the tools they need to succeed in a digital economy.

    MTN launches Chenosis platform in Cameroon

    The partnership between Mastercard and MTN represents a significant step forward in fostering innovation and collaboration within Africa’s fintech ecosystem. By bringing together two industry leaders with complementary expertise, the collaboration is poised to drive meaningful change and unlock new opportunities for financial inclusion and economic development. Furthermore, the partnership serves as a catalyst for collaboration across sectors, including banking, telecommunications, and technology, paving the way for future innovations that benefit individuals, businesses, and society as a whole.

    In conclusion, the partnership between Mastercard and MTN Group holds tremendous potential to transform the mobile payments landscape in Africa. By leveraging the power of mobile technology and digital payments, the collaboration aims to drive financial inclusion, expand access to essential financial services, enhance security and convenience, empower small businesses, and foster innovation and collaboration across the continent. As Africa continues to embrace the digital economy, initiatives like this partnership will play a vital role in driving sustainable growth and prosperity for all.

  • Mastercard Partners Awash Bank for financial inclusion in Ethiopia

    Mastercard Partners Awash Bank for financial inclusion in Ethiopia

    Mastercard, a global leader in payment technology, has forged a strategic partnership with Awash Bank to introduce pre-paid cards in Ethiopia.

     This collaboration marks a significant milestone in advancing financial inclusion and modernizing payment systems within the country.

    Advancing Financial Inclusion: Empowering the Unbanked

    Ethiopia, like many developing nations, faces challenges in providing financial services to all its citizens. A large portion of the population remains unbanked, lacking access to basic financial tools and services. By partnering with Awash Bank, Mastercard aims to bridge this gap and empower the unbanked segments of society.

    Pre-paid cards offer a convenient and secure means of conducting transactions, even for those without traditional bank accounts. They enable individuals to store funds electronically, make purchases online and in person, and withdraw cash from ATMs. This initiative will particularly benefit rural communities and underserved populations, providing them with greater financial autonomy and stability.

    Read also: Ethswitch, Mastercard digitize Ethiopian payments

    Moreover, pre-paid cards can serve as a stepping stone towards broader financial inclusion. As individuals become familiar with digital payment methods, they may be more inclined to adopt other financial products and services offered by banks, thereby deepening their engagement with the formal financial system.

    Modernizing Payment Systems: Driving Economic Growth

    The introduction of pre-paid cards in Ethiopia represents a significant step towards modernizing the country’s payment infrastructure. Historically, cash has been the primary mode of transactions, presenting various challenges such as security risks, inefficiencies, and limited transparency. By promoting electronic payments through pre-paid cards, Mastercard and Awash Bank are laying the foundation for a more efficient and transparent financial ecosystem.

    Electronic payments offer numerous advantages over cash transactions, including enhanced security, reduced transaction costs, and improved record-keeping. Businesses can streamline their operations by accepting digital payments, thereby accelerating the pace of commerce and contributing to overall economic growth. Furthermore, the shift towards electronic payments can facilitate Ethiopia’s integration into the global economy, making it more attractive to foreign investors and fostering international trade partnerships.

    Empowering Individuals and Communities: Unlocking Economic Opportunities

    Beyond the macroeconomic benefits, the introduction of pre-paid cards has the potential to transform the lives of individuals and communities across Ethiopia. Access to formal financial services empowers individuals to save, invest, and plan for the future effectively. By digitizing financial transactions, Mastercard and Awash Bank are enabling people to overcome traditional barriers to economic participation and unlock new opportunities for prosperity.

    MasterCard suspends Binance’s crypto card contract

    Moreover, pre-paid cards can play a vital role in advancing social welfare initiatives and humanitarian efforts. By distributing aid and social benefits electronically, governments and humanitarian organizations can ensure more efficient delivery and reduce the risk of fraud and mismanagement. This targeted approach to financial assistance can have a tangible impact on poverty alleviation and socio-economic development.

     The partnership between Mastercard and Awash Bank to introduce pre-paid cards in Ethiopia represents a significant milestone in advancing financial inclusion, modernizing payment systems, and empowering individuals and communities. By leveraging innovative financial technologies, we can create a more inclusive and prosperous future for all Ethiopians.

  • Mastercard, Glovo to combat hunger, promote education

    Mastercard, Glovo to combat hunger, promote education

    Mastercard and Glovo, a versatile multi-category app connecting consumers with diverse services, have joined forces to address hunger and enhance education in underserved communities.

     Their collaboration aims to provide over 300,000 meals to school children in Kenya and Nigeria for an entire academic year, marking a substantial advancement in combating poverty, malnutrition, and educational deficiencies.

    Read also: Ethswitch, Mastercard digitize Ethiopian payments

    A Shared Commitment to Social Responsibility

    Dedicated to social responsibility, Mastercard seeks to empower individuals and promote inclusive prosperity globally. Through its collaboration with Glovo, the emphasis is on addressing hunger and ensuring that school children have access to nutritious meals, fostering an environment conducive to learning and development.

    To amplify their impact, Mastercard has strategically partnered with local charities, such as Food4Education in Kenya and the Lagos Food Bank Initiative in Nigeria. For each transaction conducted on the Glovo app, Mastercard will contribute to these charities, funding a meal for a child in need. This groundbreaking initiative, unprecedented in East and West Africa, underscores Mastercard’s commitment to sustainable solutions that enhance the well-being of individuals, the planet, and overall prosperity.

    Driving Positive Change Through Digital Initiatives

    Shehryar Ali, Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands, emphasised, “Our objective is to extend the advantages of the digital economy to one billion individuals, driving significant improvements in access for those with limited resources. Through our digital initiatives, we aim to promote inclusivity, social upliftment, and environmental sustainability. Our aim is to seamlessly facilitate positive change, as demonstrated by our partnership with Glovo to provide nutritious meals to school children, tackle hunger, and enhance the learning environment.”

    Glovo launches Glovo Ads in Kenya to drive small businesses’ growth

    Fostering Inclusive Prosperity Through Collaboration

    Caroline Mutuku, General Manager of Kenya at Glovo, highlighted, “At Glovo, we are committed to driving positive change from the grassroots level. Our collaboration with Mastercard signifies a shared commitment to tackling a pressing issue: eliminating hunger and fostering inclusive prosperity in Kenya and Nigeria. Acknowledging that addressing social challenges necessitates collective action, we recognize the transformative potential of business partnerships in local communities, inspiring others to embark on similar initiatives.”

    Through this partnership, Mastercard and Glovo aspire to offer more than just meals; they aim to provide hope and joy to children in underserved regions, cultivating a positive environment to enhance their education and overall well-being. This collaboration underscores the significance of collective efforts in tackling societal issues, and Mastercard encourages its cardholders to actively engage in this impactful initiative.

  • Mastercard, EDC empower 10,000 women with digital skills in Lagos 

    Mastercard, EDC empower 10,000 women with digital skills in Lagos 

    The Enterprise Development Centre (EDC) of Pan Atlantic University and the Lagos State government have announced a partnership aimed at providing 10,000 women entrepreneurs with the capital and expertise they need to launch and expand their enterprises.

    The partnership, which is a component of the MasterCard Foundation-powered Transformation of Nigerian Youths programme, intends to increase women’s economic contribution and involvement in Lagos State, particularly in the fields of entrepreneurship, creative arts, digital, and agro-based skills.

    At a press conference on Tuesday, Akinyemi Ajigbotafe, the state commissioner for wealth creation and employment, revealed this information. He stated that the training course will start in the first quarter of this year and last for 24 months.

    He noted that the scheme will train the chosen women, who would be chosen from the State’s 20 Local Government and 37 Local Council Development Areas, using a combination of in-person community learning and online partner-sponsored learning.

    Read also: Mastercard, illicocash to launch virtual card program in DRC

    N200,000 seed fund to be awarded to the top 80 competitors

    Ajigbotafe further disclosed that the top 80 participants who finish the curriculum successfully will receive a N200,000 seed cash to help them start or grow their enterprises.

    According to him, the purpose of the seed money was to give the women the initial funding they needed to get past the financial obstacles that many female entrepreneurs encounter, as well as to support and recognise them for their commitment and hard work.

    In addition to assuring the interested women that the selection process would be impartial and open, he advised them to apply for the programme via the EDC’s portal or the ministry’s website.

    Working together to make the dream of job

    In order to realise the goal of wealth development and jobs for the throngs of young people in Lagos State, Ajigbotafe further emphasised the significance of cooperation between the public and private sectors.

    According to him, the current state of the economy in Nigeria and around the world makes it imperative that the government collaborate with pertinent parties, like the MasterCard Foundation and the EDC, to give young people the information and skills they need to become employable and develop their businesses.

    He expressed his confidence that the relationship would benefit the women and the state and praised the EDC for its more than two decades of experience in training and developing young entrepreneurs.

    Additionally, he expressed gratitude to the MasterCard Foundation for its dedication and support in transforming Nigerian youth, particularly in the fields of innovation and digital transformation.

    African leaders Must prioritise technology, digital skills- Shettima

    What the EDC does

    The EDC is a training and development facility that offers the following services to female entrepreneurs in an effort to help them succeed:

    Education on entrepreneurship: The EDC provides webinars, workshops, and online and offline courses on a range of entrepreneurship-related subjects, including finance, marketing, innovation, and digital transformation. Access to tools, resources, and information that might assist female entrepreneurs in launching and expanding their enterprises is another service offered by the EDC.

    Networking and mentoring: The EDC links female entrepreneurs with peers, mentors, and professionals who can provide direction, criticism, and support. Additionally, the EDC plans platforms and events that help female entrepreneurs network and work together with other business owners, financiers, and stakeholders both domestically and globally.

    Support for finances and risk mitigation: The Export Development Canada (EDC) collaborates with other financial organisations to give women entrepreneurs access to funding, credit, and financial services. Additionally, the EDC assists female entrepreneurs in navigating the dangers and difficulties associated with exporting, including exchange rate swings, market restrictions, and supply chain interruptions.

  • Mastercard EdTech Fellowship applications opens

    Mastercard EdTech Fellowship applications opens

    For the second year running, the Ed-Tech Fellowship Programme in Nigeria, co-hosted by Co-Creation Hub (ccHub) and the Mastercard Foundation, is accepting applications.

    A US$15 million ed-tech accelerator initiative will be launched in Kenya and Nigeria by CcHub and the Mastercard Foundation in February 2023 as part of the Mastercard Foundation Ed-Tech Fellowship Programme.

    In 2023, 12 startups from Nigeria and 12 from Kenya received initial support from the fellowship. Over the next two years, the support will be extended to 36 ed-tech companies. 

    Read also: Mastercard, illicocash to launch virtual card program in DRC

    Currently in its second year, the fellowship is seeking innovative ideas from startups in Nigeria that have ed-tech solutions that could revolutionise learning across all levels, from preschool to the classroom.

    Startups based in Nigeria must prioritise serving the African market. Problems in elementary, secondary, informal, and tertiary education, as well as in corporate learning and vocational skill training, should be addressed by their solutions.

    Fellows in the 2024 class who participate in the accelerator program will have access to a network of investors, coaching and mentorship from industry experts, and chances to network. They will also be able to raise $100,000 without having to give any equity.

    Participants in the accelerator program from the 2024 cohort of Fellows will be eligible to receive:

    Advisory services are provided by experts in the fields of learning science, product development, sales and marketing, and talent management.

    Guidance and instruction from prosperous entrepreneurs and industry leaders.

    Networking opportunities.

    Opportunity to connect with a group of generous investors. 

    $50,000 in funding that does not require any equity.

    Application is open until February 17th.

    Mastercard completes technology infrastructure in South Africa

    The purpose of the fellowship

    The fellowship was established by the Mastercard Foundation’s Centre for Innovative Teaching and Learning with the aim of supporting the development of a groundbreaking education technology ecosystem in Africa. For the benefit of students, teachers, and EdTech pioneers all over the continent, we aim to promote creativity and effective methods of integrating technology into the educational process. 

    To guarantee a diverse range of solutions addressing key issues in the EdTech space, the selection process for the cohort was carefully designed. Digital content, learning management systems, workforce development, online learning resources, tutoring, and support for STEAM education are just a few of the many topics covered by the 12 selected startups.

    Throughout the hiring process, CcHUB and the Mastercard Foundation worked to increase gender parity and promote inclusion. Out of the twelve companies chosen, nine had female founders or senior executives as a result of this concerted effort. 

    To help them grow their businesses and make a bigger splash in Nigeria and beyond, the selected startups will get seed money and access to expert advisors. Starting today in Lagos, the program will consist of a six-month accelerator phase run by the CcHUB team and a further twelve months of advisory support.

    In order to help African EdTech companies tackle problems in K-12, higher education, and vocational training, the Mastercard Foundation has established the EdTech Fellowship Program, which includes this collaboration. 

    The program is hopeful that these solutions will help address some of the most persistent problems in African education, including low enrollment, poor quality, and a lack of accessible, high-quality educational opportunities for the continent’s youth.