Sub-Saharan Africa: Mastercard and SEEP are supporting microfinance

Aug 14, 2012

A partnership between the MasterCard foundation and SEEP - the biggest community of microfinance associations in the world - will reinforce transparency and the protection of clients in the sub-Saharan microfinance sector.

A partnership between the MasterCard foundation and SEEP - the biggest community of microfinance associations in the world - will reinforce transparency and the protection of clients in the sub-Saharan microfinance sector.

Signed for four years, the agreement will improve the management capacity of eight microfinance associations that represent nearly six million clients, reports Reussir Business.

According to Reeta Roy, President of the MasterCard foundation, "this partnership will enable African microfinance associations to mainstream client protection principles across the industry, so that clients benefit from the responsible delivery of financial services".

The 7.6 million dollars (6.15 million euros) invested will also enable the exchange of information between the microfinance associations. Ultimately, this partnership should contribute to the growth of the sector, which, according to SEEP and MasterCard, can only continue if consumers are better protected.

This agreement follows the MasterCard's foundation's announcement in May that 37.4 million dollars (30.3 million euros) would be invested with the goal of improving financial services in Africa. Access to finance through microfinance and education constitutes the organisation's main mission.ADNFCR-2976-ID-801428136-ADNFCR