Mastercard and the African Development Bank have partnered to launch a $300m initiative aimed at expanding digital access to critical services for 100 million individuals and businesses in Africa over the next decade.
According to Mastercard in a release, the initiative, Mobilising Access to the Digital Economy Alliance: Africa, will prioritise supporting the agricultural sector and women’s economic participation, with an initial pilot programme set to launch this year to support three million farmers in Kenya, Tanzania, and Nigeria.
It stated that it would register 15 million users in Africa onto its Community Pass platform within five years.
Launched in 2020, Community Pass is a social enterprise at Mastercard that digitises and connects remote, underserved communities to governments, NGOs and the private sector for access to critical services.
As co-chairs of the programme, the African Development Bank Group would invest $300m to support alliance programmes, providing funding for digital infrastructure and incentivising ecosystem actors to enhance digital access.
The CEO of Mastercard, Michael Miebach, said, “Mastercard’s work leading the new MADE Alliance: Africa aims to provide 100 million people greater digital access to critical services.
“Across Africa, people are driving new growth and opportunity, and Mastercard wants to support their success. This alliance builds on the innovations and investments we are already making with partners in 45 countries to enhance Africa’s digital infrastructure and accelerate inclusive growth.”
According to Miebach, to enable more people to join the digital economy, an ecosystem of public and private sector partners is critical, adding that the alliance matches partners’ complementary strengths in key geographies to promote sustainable digital access.
The payment giant stated that together, the partners would deliver connectivity, skilling, employment and digital access to financial and other critical services.
African Development Bank Group President Dr Akinwumi Adesina, stated, “The African Development Bank Group believes that digitalisation via Mastercard Community Pass can play a vital role in increasing the adoption of agricultural technologies to help feed Africa, as well as improving the incomes of millions of African smallholder farmers.
“Joining the Mobilising Access to the Digital Economy Alliance: Africa will amplify and multiply the impact of the bank’s investments to build sustainable, climate-smart food systems across the continent. We applaud U.S. Vice President Kamala Harris’ commitment to financial and digital inclusion in Africa.”