Monday, November 10, 2014
MasterCard Commits $25 Million to Expand UN Capital Development Fund’s Mobile Money for the Poor (MM4P) Program
The MasterCard Foundation has partnered with the United Nations Capital Development Fund (UNCDF), a UN initiative to increase access to microfinance and other forms of investment capital for small businesses and individuals in developing countries, to expand the UNCDF Mobile Money for the Poor (MM4P) program. MM4P was started in 2012 to support branchless and mobile financial services providers in Africa. At the program’s inception UNCDF had secured USD 5.6 million. The new commitment from The MasterCard Foundation is to donate USD 25 million over five years to the program to increase mobile financial services in Benin, Senegal and Zambia. The expanded MM4P program will commence operations in mid-2015 with the goal of providing 10 to 12 percent of the population in the three targeted countries with regular access to mobile financial services within five years....