At the close of the U.S.-Africa Leaders Summit, U.S. International Development Finance Corporation (DFC) and Mastercard announced a collaboration to increase support to financial institutions, agricultural and technology companies, and other businesses engaged with Mastercard Community Pass, a digital platform designed to address infrastructure challenges that arise in digitizing rural communities, such as unreliable connectivity, low smartphone ownership, and lack of consistent identification or credentials.
Through this collaboration, DFC will seek to support potential investments of up to $50 million in organizations within the Community Pass network. Community Pass has a growing presence across five countries in Africa — Kenya, Tanzania, Uganda, Mozambique and Mauritania — and is also live in India.
“DFC places a priority on mobilizing private sector investment in building out digital infrastructure,” said DFC CEO Scott Nathan. “DFC and Mastercard’s work in bolstering financial inclusion and improving access to digital tools will help make progress toward our shared goal of bridging the digital divide.”
Also Read: Attackers expected to target Large Companies regardless of industry in 2023, Titaniam Study Finds
Mastercard aims to reach 15 million Community Pass users in Africa, and 30 million users in total, by 2027. By growing the network of financial institutions and service providers on the Community Pass platform, this collaboration between DFC and Mastercard seeks to increase access to critical services in underserved communities, with the broader goal of building a more inclusive and sustainable digital economy for all.
“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,” said Mastercard Executive Vice President of Humanitarian and Development Tara Nathan. “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.”
Through Community Pass, service providers can expand access to essential services and reduce the cost of delivering them. The platform helps enable digital transactions through innovative features and secure data platforms. For example, financial institutions and ag techs in Africa are using Community Pass to digitize agricultural value chains, enable access to credit, and create a bigger pool of buyers, helping smallholder farmers get paid more and faster.
Mastercard’s focus on building and scaling its Community Pass platform is just one example of the company’s commitment to advancing economic development and financial inclusion in Africa. In collaboration with partners like DFC — as well as other international organizations, governments, banks and fintechs.
SOURCE: BusinessWire