M-KOPA wins MasterCard Foundation Fund for Rural Prosperity
Shell Foundation partner M-KOPA
is one of five winners of the MasterCard Foundation Fund for Rural Prosperity (FRP). M-KOPA will receive a share of the $10.6 million prize to bolster their innovative work to alleviate poverty by increasing access to financial services for poor people in rural Africa.
At the award ceremony in Ghana, a spokesperson for The Mastercard Foundation said: “These [five] companies were recognised for their contribution for innovative approaches to financial that benefited nearly eight million people in remote parts of Africa.”
With FRP’s $2.5 million prize, M-KOPA aims to provide over 300,000 customers in rural Tanzania (by June 2020) with innovative credit services that are affordable and accessible, and which address rural customers' most pressing needs. M-KOPA estimates that FRP’s funding will lead to $58m in credit being provided to rural customers for productive asset purchases.
Find out more about M-KOPA.