MasterCard gets $11m grant from Gates Foundation for Africa’s startups boost

According to the firm, the launch of MasterCard Labs for Financial Inclusion is a new initiative seeking to impact more than 100 million people globally by developing practical and cost-effective financial tools that expand access and help build stable futures over the long term.Through an $11 million grant over three years from the Bill & […]

According to the firm, the launch of MasterCard Labs for Financial Inclusion is a new initiative seeking to impact more than 100 million people globally by developing practical and cost-effective financial tools that expand access and help build stable futures over the long term.
Through an $11 million grant over three years from the Bill & Melinda Gates Foundation, the lab will generate new ideas with local entrepreneurs, governments and other stakeholders across East Africa, and rapidly move from concept to reality.
“Too many people lack access to the most basic financial services, leaving them trapped in a cash economy that imposes greater risks and costs on those least able to afford them,” said Ajay Banga, president and CEO at MasterCard.  “Through the investment made by the Gates Foundation, coupled with our strong innovation processes, MasterCard will create and scale financial services that open up a world of inclusion and help people build better, brighter futures.”