In its bid to further reduce poverty rate, MasterCard Foundation and The SEEP Network have signed a four-year partnership agreements worth US$7.6 million to strengthen and develop the capacity of microfinance industry associations across sub-Saharan Africa.
The private Vanguard newspaper Thursday quoted a statement from the Foundation’s President and Chief Executive Officer, Reeta Roy, as saying “This partnership will enable African microfinance associations to mainstream client protection principles across the industry, so that clients benefit from the responsible delivery of financial services.”
The SEEP Network is the world’s largest community of microfinance associations, and provides global perspectives on the advancement of microfinance, ensuring relevance with respect to local needs, broad participation, and leadership of practitioners.
It is also a global network of over 130 international practitioner organizations dedicated to combating poverty through promoting inclusive markets and financial systems.
Through the partnership, eight microfinance associations with a membership of nearly 500 microfinance institutions, serving in total six million clients, will improve their core management capacity.
It will also advance financial transparency and consumer protection principles among microfinance institutions, and share learning with associations across sub-Saharan Africa to scale and sustain industry growth.
Both SEEP and MasterCard Foundation believe there is an opportunity to support greater consumer protection and financial transparency within the industry across the continent.
The MasterCard Foundation advances microfinance and youth learning to promote financial inclusion and prosperity, through collaboration with committed partners in 48 developing countries.