• About
  • Advertise
  • Careers
  • Contact Us
Saturday, June 28, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business StartUPs

New $50m Africa-focused fund from DFC, Mastercard to Enhance Digitization, Financial Inclusion

by Joan Aimuengheuwa
December 16, 2022
in StartUPs
0
New $50m Africa-focused fund from DFC, Mastercard to Enhance Digitization, Financial Inclusion
DFC partners Mastercard

DFC partners Mastercard

UBA
Advertisements

Development Finance Corporation (DFC) and Mastercard have announced a collaboration to facilitate the success of financial institutions, agricultural and technology companies.

The support also extends to 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 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.

Scott Nathan, DFC CEO said: “DFC places a priority on mobilizing private sector investment in building out digital infrastructure. 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.”

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, and more — Mastercard is working to connect to individuals at the base of the pyramid with digital tools, including millions of farmers in Africa who use Community Pass to access markets, grow their enterprises, and bolster their financial security. Mastercard has also supported more than a dozen African start-ups through its award-winning Start Path program.

 

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Development Finance Corporation (DFC)MastercardScott NathanTara Nathan
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Ibom Air Hits Two Million Passenger Mark

Ibom Air Hits Two Million Passenger Mark

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

World Youth Skills Day – Take Charge of Your Skills Development, PMI to Nigerian Youths

3 years ago
eNaira

CBN Charges Nigerians to use eNaira, Internet Banking as Alternatives to Cash

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.