This Competition was open to receive applications from organizations aiming to design, pilot, test, and launch new financial products and services that could effectively meet the financing needs of people living in poverty in rural and agricultural areas.
Considerations of an innovative idea
The following countries were eligible:
The 2015 Innovation Competition ran from 20 January 2015 to 15 March 2015. The 2016 Innovation Competition ran from 1 February 2016 to 28 March 2016.
Mastercard Foundation Fund for Rural Prosperity was set up to provide support for ideas from institutions looking to deliver a financial service, product or process to smallholder farmers in any of the selected eligible African countries.
A single institution or a partnership of two or more (which could include a non-governmental organization) could propose a project; however, the lead applicant was required to be a for-profit entity.
Applying firms were required to have an established and verifiable institutional track record. The Fund only considered start-ups in exceptional circumstances where there was strong evidence that the new organization had credible and experienced investors and management team.
Applying firms were required to have transparent ownership and governance structures in place.
Examples of eligible institutions included:
Eligible projects under the Mastercard Foundation Fund for Rural Prosperity were required to meet the following criteria:
Download the innovation brochure.