Published 05-14-08
Submitted by MasterCard Foundation
Toronto, ON, May 14, 2008 - The MasterCard Foundation launched its Scholars Program today by awarding grants totaling $600,000 to six leading microfinance training institutes. The program will fund 200 scholarships for staff working in microfinance in Africa, Asia, Eastern Europe, Latin America and the Middle East to participate in management and professional development courses.
According to a recent study by the Center for the Study of Financial Innovation, the greatest risk facing the microfinance sector, which provides access to financial services to low-income populations in developing countries, is the uneven quality of management and limited staff capacity. Strong leadership and staff capacity is critical as the sector rapidly expands and faces new demands for services. The Scholars Program will help meet this need by extending educational and training opportunities to microfinance staff at the regional and local levels.
"Our Foundation is committed to strengthening the capacity of the microfinance sector by training staff working in developing countries," said Reeta Roy, president and CEO of the MasterCard Foundation. "We are delighted to partner with these six respected institutes, which are vital to advancing knowledge and learning in microfinance."
The six organizations receiving $100,000 grants are:
About the MasterCard Foundation
The MasterCard Foundation is an independent, private charitable foundation headquartered in Toronto, Canada. It was established through the generosity of MasterCard’s customer financial institutions at the time of the company’s initial public offering, to fuel economic growth and opportunity for underserved people around the world. Its mission is to broaden access to the global economy through innovative microfinance programs and to increase access to quality educational opportunities for underserved people. For more information, go to www.mastercardfoundation.org.
The MasterCard Foundation believes that every person has the potential to transform their lives and to improve the lives of their families and their communities. By advancing access to microfinance and youth learning, the Foundation promotes financial inclusion and prosperity in developing countries. The MasterCard Foundation’s vision is opportunity for all to learn and prosper. An independent, private foundation based in Toronto, Canada, The MasterCard Foundation was established through the generosity of MasterCard Worldwide at the time of the company's initial public offering in 2006. For more information, see http://www.mastercardfdn.org/.
More from MasterCard Foundation