10th August, 2012
In an effort to strengthen and develop the capacity of microfinance industry associations in sub-Saharan Africa, MasterCard Foundation and the SEEP Network has signed a $7.6 million, four-year partnership.
In a statement issued by the foundation, Reeta Roy, President and CEO MasterCard Foundation, said “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 statement stated that 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.
“The project 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.”
Director of Community Development, SEEP Network, Jenny Morgan, said: “We understand the powerful role microfinance associations can play in promoting financial inclusion and improved standards of practice.”
Both institutions 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.
The SEEP Network is the world’s largest community of microfinance associations that provides global perspectives on the advancement of microfinance, ensuring relevance with respect to local needs, broad participation, and leadership of practitioners, and also a global network of over 130 international practitioner organisations dedicated to combating poverty through promoting inclusive markets and financial systems.
—Henry Ojelu