Mastercard Foundation

Last updated
Mastercard Foundation
Founded2006;18 years ago (2006)
Type Charitable organization, NGO
Location
Area served
Worldwide
Key people
 Reeta Roy (President and CEO)
Website Mastercardfdn.org

The Mastercard Foundation is an international non-governmental organization established by Mastercard in 2006.

Contents

The organization, which is based in Toronto, Ontario, has supported work in 49 countries. [1] In 2018, Mastercard Foundation shifted to a specific focus on Africa, through its Young Africa Works strategy. [2]

The foundation develops programs primarily focused on reducing gender and economic inequality, expanding access to quality education, increasing the opportunities for decent work, and supporting overall economic growth. [3] [4] Funding is primarily managed with bilateral allocations through post-secondary institutions, research institutes, non-governmental organizations and the private sector, plus multilateral allocations through organizations like the numerous United Nations entities under the United Nations Sustainable Development Group. [3]

Creation

In May 2006, Mastercard Incorporated held its initial public offering (IPO) that valued it at about US$5.6 billion; [5] as part of the IPO, Mastercard Inc. donated 13.5 million shares, expected to be worth an initial US$600 million (equivalent to US$871 million in 2022), to a newly created independent charitable foundation to be named the Mastercard Foundation. [6]

As documents of creation dictate that the foundation's Mastercard shares are not to be sold for 21 years, Mastercard Incorporated committed to an additional $40 million in direct cash donations to the foundation over the first four years; the foundation's general charitable donations are funded from the dividends provided by the 13.5 million shares, which were not allowed to be used until 2008. [6]

For the first two years of operation, while the dividends were accumulating, the foundation was run by a board appointed by Mastercard Inc., which was replaced by an independent board and leadership in 2008. [6] In 2008, Reeta Roy was hired as the first independent president and CEO, working with the new independent board of directors to set the specific direction of The Mastercard Foundation. [7] [8]

Mission

The Mastercard Foundation's mission is to advance education and financial inclusion in developing countries and to support Indigenous youth in Canada. It seeks a world where everyone has the opportunity to learn and prosper. [9]

At the African Green Revolution Forum's presidential summit in 2019, Mastercard Foundation CEO Reeta Roy stated “Our goal is simple. It is to make the invisible visible. It’s to enable young people to create dignified work where it does not exist today”. [10]

Major funding partnerships

In 2008, the foundation launched a partnership with BRAC to expand financial services to approximately two million people across Uganda. [11]

In September 2012, the Mastercard Foundation Scholars Program was announced at a United Nations special session, committing US$500 million toward the education of 15,000 African scholars for secondary, undergraduate and masters levels. For example, the Duke University Scholars Program received a $13.5 million commitment from the foundation's Scholars Program, among a select group of institutions that has been participating in the program since 2012. [12]

In 2013, the Mastercard Foundation hosted the first Symposium on Financial Inclusion (SoFI); [13] SoFi was held annually through to 2017. [14]

In 2015, the Mastercard Foundation Fund for Rural Prosperity (FRP) was launched. [15] It is set up as a challenge fund, through which the FRP is able to find and support private sector businesses in Sub-Saharan Africa that can scale up innovative ideas that expand financial inclusion to smallholder farmers and rural areas. [16]

In 2017, the Mastercard Foundation launched the EleV Program, which seeks to support Indigenous youth in Canada on their journeys through education and on to meaningful livelihoods. In 2019, it was expanded with a goal of supporting 30,000 Indigenous youth. [17] The EleV Program engages in two kinds of partnerships: EleV Anchor Collaborative Partnerships focus on creating sustainable systems change led by Indigenous communities and youth in partnership with a diverse set of stakeholders including educators and employers; Catalytic and Learning Partnerships harness opportunities for learning and/or acceleration in economic sectors or program areas key to the EleV strategy. They enhance the work of our regional anchor partnerships and strengthen Indigenous and youth-led social infrastructure and organizations.

In March 2018, the Mastercard Foundation reset its overall strategy for 2018–2030, creating the Young Africa Works long-term plan. [2] The Young Africa Works strategy aims to help up to 30 million young women and men in Africa to secure or create dignified and fulfilling work over the period 2018–2030, with a financial commitment of $500 million over the course of the strategy, [18] of which $200 million in five-year commitments were revealed in announcements over the course of 2018 and 2019. The Young Africa Works initiative was first announced in March 2018, at an overall kickoff ceremony in Kigali, Rwanda. [19] Further funding commitments, partners and programs have been announced, including: long-term commitments to create, expand or maintain "Young Africa Works in Senegal", announced in September 2019; [20] long-term commitments to create, expand or maintain "Young Africa Works in Ethiopia", announced in October 2019; [21] and announcements in Ghana, Nigeria and Uganda, amongst the 10 nations involved in the initial announcements. [20] In all cases, the Young Africa Works programs will see bilateral agreements and funding with in-nation institutions, governments and organizations. [21]

According to the OECD, the Mastercard Foundation provided $298.3 million for development in 2019, all in the form of grants delivered during that year. [3]

Related Research Articles

<span class="mw-page-title-main">Bill & Melinda Gates Foundation</span> Private foundation founded by Bill and Melinda Gates

The Bill & Melinda Gates Foundation (BMGF), a merging of the William H. Gates Foundation and the Gates Learning Foundation, is an American private foundation founded by Bill Gates and Melinda French Gates. Based in Seattle, Washington, it was launched in 2000 and is reported as of 2020 to be the second largest charitable foundation in the world, holding $69 billion in assets. On his 43rd birthday, Bill Gates gave the foundation $1 billion. The primary stated goals of the foundation are to enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S. Key individuals of the foundation include Bill Gates, Melinda French Gates, Warren Buffett, chief executive officer Mark Suzman, and Michael Larson.

<span class="mw-page-title-main">Accion International</span> International nonprofit organization

Accion is an international nonprofit. Founded as a community development initiative serving the poor in Venezuela, Accion is known as a pioneer in the fields of microfinance and fintech impact investing.

Omidyar Network is a self-styled "philanthropic investment firm," composed of a foundation and an impact investment firm. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, Omidyar Network has committed over US$1.5 billion to nonprofit organizations and for-profit companies across multiple investment areas. According to the OECD, Omidyar Network's financing for 2019 development increased by 10% to US$58.9 million.

Opportunity International is a 501(c)(3) nonprofit organization chartered in the United States. Through a network of 47 program and support partners, Opportunity International provides small business loans, savings, insurance and training to more than 14 million people in the developing world. It has clients in more than 20 countries and works with fundraising partners in the United States, Australia, Canada, Germany, Switzerland, Singapore, Hong Kong and the United Kingdom. Opportunity International has 501(c)(3) status as a tax-exempt charitable organization in the United States under the US Internal Revenue Code.

<span class="mw-page-title-main">United States African Development Foundation</span> Agency of the United States government

The U.S. African Development Foundation (USADF) is an independent U.S. government agency established by Congress in 1980 to invest directly in African grassroots enterprises and social entrepreneurs. USADF's investments aim to increase incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty. USADF targets marginalized populations and underserved communities in the Sahel, Great Lakes, and the Horn of Africa. It partners with African governments, other U.S. government agencies, private corporations, and foundations to achieve transformative results.

<span class="mw-page-title-main">Legatum</span> Private investment firm headquartered in Dubai

Legatum Limited, also known as Legatum, is a private investment firm, headquartered in Dubai, United Arab Emirates. Legatum is a partnership that uses its own funds to invest globally. The firm also invests in activities to promote entrepreneurship and free enterprise as well as anti-slavery, health and education initiatives.

Measles & Rubella Initiative (MRI), launched in 2001, is a long-term commitment and partnership among leaders in public health and supports the goal of reducing measles deaths globally by 90% by 2010 compared to 2000 estimates.

<span class="mw-page-title-main">Global Alliance for Improved Nutrition</span> Swiss nonprofit foundation

The Global Alliance for Improved Nutrition (GAIN) is a non-profit foundation based in Geneva, Switzerland. GAIN was developed at the UN 2002 Special Session of the General Assembly on Children. GAIN’s actions include improving the consumption of nutritious and safe foods for all. They are supported by over 30 donors and work closely with international organisations and United Nations agencies. Their activities include improving consumption of nutritious food globally. The organisation has a 20 year history of food system programmes: focusing on adolescent and child nutrition, food system research, fortification, small and medium enterprise assistance, biofortification of crops and reducing post-harvest losses.

The Lemelson Foundation is an American 501(c)(3) private foundation. It was started in 1993 by Jerome H. Lemelson and his wife Dorothy. The foundation held total net assets of US$444,124,049 at the end of 2020 and US$484,432,021 at the end of 2021.

<span class="mw-page-title-main">Malaria Consortium</span> International non-profit organization

Malaria Consortium is an international non-profit organization specializing in the comprehensive control of malaria and other communicable diseases – particularly those affecting children under five.

Hamilton Community Foundation (HCF) is a Community Foundation that pools donations and Financial endowments into a coordinated investment and grant-making facility dedicated primarily to the social improvement of Hamilton, Ontario. Its current President and CEO is Terry Cooke, the former Regional Municipality of Hamilton-Wentworth regional chair and Hamilton Spectator columnist.

The SEEP Network, also known as SEEP, is a member-based, nonprofit organization with headquarters in Arlington, Virginia.

<span class="mw-page-title-main">Daniel R. Porterfield</span>

Daniel R. Porterfield is an American nonprofit executive, academic administrator, and government official serving as the president and CEO of the Aspen Institute. Porterfield previously served as the 15th president of Franklin & Marshall College, senior vice president for strategic development and English professor at Georgetown University, and communications director and chief speechwriter for the U.S. Health and Human Services Secretary during the Clinton Administration.

<span class="mw-page-title-main">Alliance for Financial Inclusion</span> Malaysia-headquartered policy network

The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulatory in developing countries with the objective of advancing financial inclusion.

<span class="mw-page-title-main">Equity Group Foundation</span>

Equity Group Foundation (EGF) is an East African foundation based in Nairobi, Kenya. It was founded in 2008 to bolster Corporate social responsibility (CSR) for the Equity Group.

<span class="mw-page-title-main">Partnership for Refugees</span>

The Partnership for Refugees is a refugee public-private partnership established in June 2016 as the Partnership for Refugees by the Obama administration to facilitate President Barack Obama's commitment to creative solutions for the refugee crisis by engaging the private sector. The Partnership, an initiative established through collaboration between the State Department and USA for UNHCR with significant support from Accenture Federal Services, was established to facilitate private sector commitments in response to President Obama's June 30, 2016 Call to Action for Private Sector Engagement on the Global Refugee Crisis. On September 20, 2016, at the Leaders Summit on Refugees at the United Nations, President Obama announced that 51 companies from across the American economy have pledged to make new, measurable and significant commitments that will have a durable impact on refugees residing in countries on the frontlines of the global refugee crisis and in countries of resettlement, like the United States.

Network International Holdings provides technology-enabled payments as a service to merchants and financial institutions in the Middle East and Africa. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">The Youth Cafe</span> African youth organization

The Youth Café is a not-for profit pan-African youth organization that was founded in 2012 and works with young people in Africa and around the world to foster community resilience, propose innovative solutions, drive social progress, enable youth empowerment and inspire political change. The Youth Café is headquartered at Kitisuru Gardens, in Nairobi, Kenya.

<span class="mw-page-title-main">Global Goals Week</span> Event for awareness for Sustainable Development Goals

Global Goals Week is a shared commitment between a coalition of over 160 partners across all industries, which mobilizes annually in September to bring together communities, demand urgency, and supercharge solutions for the Sustainable Development Goals (SDGs). It was founded in 2016 by the United Nations Foundation, Project Everyone, and the United Nations Development Programme (UNDP). It is timed to coincide with the UN General Assembly "High-Level Week" in New York. The week includes events, summits, conferences, forums, workshops, pledges, and other activations in New York, around the world, and online. It usually runs alongside Climate Week NYC, the annual conference of Goalkeepers, Bloomberg Global Business Forum and many other high-level events.

<span class="mw-page-title-main">Babban Gona</span> Nigerian social enterprise organization

Babban Gona, which means "Great Farm" in the Hausa language, is a social enterprise organization that provides support for smallholder farmers in Nigeria to become more profitable.

References

  1. ↑ Versi, Anver (2019-08-15). "Reeta Roy – president and CEO, Mastercard Foundation". New African . Retrieved 2020-01-21.
  2. 1 2 "Young Africa Works | Mastercard Foundation Strategy: 2018-2030". Mastercard Foundation. Archived from the original on 2020-11-01. Retrieved 2020-11-19.
  3. 1 2 3 "Development Co-operation Profiles: Mastercard Foundation". OECD . Retrieved 2020-11-19.
  4. ↑ "Our Approach". Mastercard Foundation. Retrieved 2020-01-21.
  5. ↑ Wong, Grace (2006-05-18). "MasterCard IPO: Not so priceless". CNN Money . Archived from the original on 2018-06-29. Retrieved 2020-01-21. As part of its offering, the company plans to donate about 13.5 million newly issued shares to The MasterCard Foundation, a private charitable group.
  6. 1 2 3 Fleischer, Victor (University of Colorado Law School) (2006-12-02). "The Mastercard IPO: Protecting the Priceless Brand" (pdf). Harvard Negotiation Law Review . 2007. SSRN   888923 – via SSRN.
  7. ↑ "Honorary Doctorate Receipient: Reeta Roy". American University of Beirut . 2019. Archived from the original on 2019-05-09. Retrieved 2020-11-19.
  8. ↑ Muller, Jennifer (2019-05-31). "Graduate and honorary doctorate commencement 2019: Living meaningful lives" (Press release). American University of Beirut . Retrieved 2020-11-19.
  9. ↑ "Our Mission". Mastercard Foundation. Retrieved 2020-01-21.
  10. ↑ "Reeta Roy Remarks at AGRF 2019 Presidential Summit". Mastercard Foundation. 2019-09-04. Retrieved 2020-01-21.
  11. ↑ "BRAC and MasterCard Foundation Expand Microfinance Services in Uganda". BRAC . 2009-11-18. Archived from the original on 2020-11-20. Retrieved 2020-01-21.
  12. ↑ "About the Mastercard Foundation Scholars Program". Duke Office of University Scholars & Fellows. Archived from the original on 2020-06-17. Retrieved 2020-01-21. A world-class education at Duke University, supported by $13.5 million in funding from The Mastercard Foundation, fosters growth and development in a select group of students from Sub-Saharan Africa.
  13. ↑ Pierre-Charles (2013-07-19). "The First MasterCard Foundation Symposium on Financial Inclusion begins!". MicroWorld.org. Retrieved 2020-01-21.
  14. ↑ "Symposium on Financial Inclusion". Mastercard Foundation. Retrieved 2020-01-21. From 2013–2017, the Mastercard Foundation hosted an annual Symposium on Financial Inclusion (SoFI)
  15. ↑ "Rural and Agricultural Finance". Mastercard Foundation. Retrieved 2020-01-21.
  16. ↑ "Why Does the Mastercard Foundation Fund for Rural Prosperity Exist?". Mastercard Foundation Fund for Rural Prosperity. Archived from the original on 2020-10-19. Retrieved 2020-11-19.
  17. ↑ "EleV". Mastercard Foundation. Retrieved 2022-01-26.
  18. ↑ Roy, Reeta (2019-09-04). "Reeta Roy Remarks at Africa Green Revolution Forum 2019 Presidential Summit". Mastercard Foundation. Ghana. Archived from the original on 2020-11-01. Retrieved 2020-11-19.
  19. ↑ Bizimingu, Julius (2018-03-23). "Rwandan youth to benefit from Mastercard job-creation initiative". The New Times . Kigali. Archived from the original on 2018-03-23. Retrieved 2020-01-21.
  20. 1 2 "Mastercard Foundation's $200m initiative to increase access to funding for Senegalese startups". Ventureburn. 2019-09-25. Archived from the original on 2020-01-27. Retrieved 2020-01-21.
  21. 1 2 "Mastercard Foundation to help Ethiopia create 10 million jobs". New Business Ethiopia. 2019-10-31. Archived from the original on 2020-09-24. Retrieved 2020-01-21. Young Africa Works in Ethiopia... will seek to create employment opportunities for the youth in partnership with Ethiopia's Jobs Creation Commission
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.