Despite recent economic growth, the majority of people and the vast majority of poor rural people remain financially excluded in Malawi, Zambia, and Tanzania. The most recent World Bank FINDEX survey found that, in Malawi and Zambia, only nine percent of the poor had an account at a financial institution, while in Tanzania, only six percent held an account.
In 2013, The MasterCard Foundation and FINCA Canada entered into a 4.5 year, $12.7 million partnership to significantly scale up financial inclusion in Malawi, Tanzania and Zambia. FINCA will establish different channels for its products that can serve rural and underserved communities in a cost effective manner. During this period, FINCA will establish new delivery channels to deliver products to rural and underserved communities. In addition, support will allow FINCA to provide training that helps staff shift their orientation from credit-centric products to a broader range of financial services including savings, and further embed social performance metrics into every aspect of FINCA’s operations.
FINCA and The MasterCard Foundation share the same values and belief that people have the potential to transform their lives if given the opportunity. By increasing access to high quality microfinance services in Sub-Saharan Africa, FINCA and The MasterCard Foundation will enable low-income individuals and households to realize their potential, and improve the lives of their families, and their communities.
|Location||Southern Africa, Malawi, Zambia, Tanzania, Eastern Africa|
|Value||USD 12.7 Million|