The MasterCard Center for Inclusive Growth commits up to USD 1 million over the next three years to advance economic growth and financial inclusion in Rwanda. This was announced last week by Raghu Malhotra, President, Middle East and Africa for MasterCard at the World Economic Forum on Africa (WEF) in Kigali.
Rwanda has made important strides when it comes to financial inclusion. According to the World Bank only 16 percent of adults in Sub-Saharan Africa have bank accounts. In Rwanda, however, 42 percent of adults own a financial account, whether formal or informal, and 1.6 million people have opened accounts in the country’s national SACCO savings and loan program.
The funds will be used to deliver a holistic mix of tools and resources, providing an opportunity to connect micro-entrepreneurs in Rwanda to the formal economy, thus helping them to expand their business.
MasterCard Center for Inclusive Growth