Mastercard Works with DFC to Enhance Digitalization and Financial Inclusion in Africa

Mastercard is partnering with the US International Development Finance Corporation (DFC) to invest up to $50 million in organizations that promote digitisation and financial inclusion in Africa. DFC will support possible investments of up to $50 million in organizations within the Mastercard Community Pass network as part of the agreement.

Community Pass is a digital platform meant to overcome infrastructure issues that arise when rural areas are digitized, such as unstable connectivity, low smartphone ownership, and a lack of consistent identification or credentials.

Financial institutions, agriculture and technological firms, among others, use the platform to provide services to people in remote places. Financial institutions and ag technologies, for example, are utilizing Community Pass to digitize agricultural value chains, enable credit, and generate a larger pool of buyers, allowing smallholder farmers to get paid more and faster.

Community Pass is now available in five African countries: Kenya, Tanzania, Uganda, Mozambique, and Mauritania, as well as India. Mastercard has set a target of 15 million Community Pass subscribers in Africa and 30 million total users by 2027.

"Our partnership with DFC exemplifies how funding from the public sector, combined with technology and expertise from the private sector, can create a whole that is greater than the sum of its parts," said Tara Nathan, EVP, humanitarian and development at Mastercard.