Mastercard grants $12 million to Microcred to strengthen financial inclusion

Jun 23, 2016

The program will be implemented in Ivory Coast, Senegal and Madagascar.

The MasterCard Foundation is granting $12 million to microfinance company Microcred to launch a financial inclusion program in Côte d'Ivoire, Senegal and Madagascar.

The objective of this program is to allow more than 1.2 million customers in the three countries to access financial services by 2019 - through relevant use of the technology and a new customer-focused methodology.

Arnaud Ventura, founder of the Group Microcred, said his company "is committed to developing its business of providing financial services to small and medium-sized enterprises (SMEs), but also to reaching the unbanked with innovative products, especially in rural areas," the Ecofin agency reports.

Meanwhile, MasterCard has just entered into a partnership with the IFC to expand electronic payments to five million SMEs by 2020.ADNFCR-2976-ID-801820637-ADNFCR