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MAKING AN IMPACT: THE FUND IN NUMBERS

The Mastercard Foundation Fund for Rural Prosperity has invested close to USD 50 million to boost the provision of financial services to poor rural customers in Africa. In this process, a variety of business models were supported resulting in the development of 171 new financial products. To enable their absorption and use, capacity building has been conducted to nearly 3 million people across the continent. Ultimately, over 5.3 million people have gained access to financial services from this work over seven and a half years

These numbers do not tell the entire story. Businesses supported were at different stages in their life cycles and so either took time to gain traction or did so relatively quickly. Also, the different business models either enabled larger or smaller numbers of people depending on their areas of focus and use of technology for instance.

Overall however, the portfolio impact tracks impressively since being awarded their initial, interim and final disbursements as they achieved various self-set milestones. 

Impact figures reported over the years and compared to overall programme level targets are highlighted in below. 

 

Pre-2018

2018

2019

2020

2021

Final figures (Final impact report)

Programme level targets

Customers reached by the portfolio of participants

432,715

1.3 million

2.4 million

4.7 million

5.4 million

5.3 million

1 million

Financial Products and services launched

24

73 

75

204

218

171

119

Customers (beneficiaries) supported with capacity building

215,075

591,303

594,216

3.1 million

3.7 million

2.9 million

n/a

Direct jobs created by participants

465

954

1,771

5,062

6,072

4,931

n/a

Source: 2018-2022 portfolio and impact figures (available on www.frp.org

The figures above indicate a steady growth of the key indicators over the years of the programme, and his despite severe shocks experienced along the way such as political turbulence in some countries of operation, climate change disruptions and Covid-19. 

Most of the customers reached were from the East Africa region due to the geographical distribution of the portfolio and given all scaling round projects were based in the region. 

Based on further impact studies carried out, customers were also generally appreciative of the participants’ financial products, with 87% of surveyed customers reporting that access to these financial products and services helped them cope with stresses, such as the COVID-19 crisis. 

Transactional products recorded the highest number of customers as these tend to be the easiest and quickest products for adoption and use. 

The Fund has also contributed to substantial job creation within participant businesses. 38% of the jobs reported have been occupied by women and 78% by people under the age of 35. In addition to direct job creation, the team noted a trend of indirect job creation through the participant beneficiaries. More information on this is available in this learning paper on job creation.

 martha.pngMartha Kamigwi,

 Senior Associate,

 KPMG East Africa

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