Mastercard Foundation Fund for Rural Prosperity - Kenya
According to the Global index report
- women in the developing nations, such as Kenya, have a 20% less likelihood of owning a bank account in a formal financial institution.
- 17% less likely to formally borrow money, deficiency in their financial literacy is one of the causes
Why Financial literacy?
Financial literacy is important to women entrepreneurs as it provides them with knowledge on:
- valuing money;
- spending it;
- keeping track on spending through updated records;
- saving for the future and;
- investing in productive and sustainable activities.
What is the situation in Kenya?
Existing statistics show that lack of financial illiteracy among women:
- Remains a major hindrance to their economic empowerment.
- Makes it hard for women to navigate and use financial services, and
- Leads to inappropriate financial decisions
- Exposes women to added risk by borrowing from informal sources, saving too little, and failing to access appropriate financial services.
Various organization and institutions in Kenya have established financial literacy programmes for women entrepreneurs.
Organisations with Financial Literacy services
About MasterCard Foundation
In 2015-2017, the Fund focused on attracting and selecting applications for support, and between 2018 – 2021, the Fund is dedicated to monitoring and evaluating the projects that were selected and received financial support. The selected businesses are those that focus on the development of ideas for new products, services or processes that increase access to finance for rural people. Other projects were selected because of their potential to scale up their most promising ideas to drive financial inclusion for large numbers of smallholder farmers and rural people in new geographic areas.
The original Innovation competitions focused on projects for 24 countries: Benin, Burkina Faso, Burundi, Cameroon, Côte d’Ivoire, Djibouti, DRC, Ethiopia, Ghana, Kenya, Liberia, Malawi, Mali, Madagascar, Mozambique, Niger, Rwanda, Senegal, Sierra Leone, The Gambia, Uganda, Tanzania, Togo and Zambia.
The original Scaling competitions focused on projects for 8 countries: Côte d’Ivoire, Ghana, Kenya, Mozambique, Senegal, Tanzania, Uganda and Zambia.
Financial Literacy Programme
In the first half of 2018 the number of customers who participated in financial literacy capacity building was approximately 146,000. In the second half of the year this figure was approximately 229,000. In total, a figure of over 591,000 customers using a financial product or service supported by the Fund, have received some kind of capacity building/literacy training to date.
Mastercard Foundation Fund for Rural Prosperity
10th Floor, ABC Towers ABC Place, Waiyaki Way
Phone: +254 (20) 2806000