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MASTERCARD ENSURES DIGITAL TRANSFORMATION ACCELERATION IN AFRICA WITH PARTNERSHIP LAUNCH
MAY 24, 2024 PURCHASE, NY
Mastercard and the African Development Bank Group are jointly launching the Mobilizing Access to the Digital Economy MADE Alliance: Africa with a goal of empowering 100 million individuals and businesses across the continent with digital access by the year 2033. This announcement was made during the U.S.-Africa Business Forum, hosted by the U.S. Chamber of Commerce.
Initially focusing on agricultural development and women's empowerment, the Alliance will start with a pilot program med at supporting three million farmers in Kenya, Tanzania, and Nigeria through partnerships with local banks to provide digital identities alongside high-quality seeds and agricultural inputs. The MADE Alliance ms for expansion to Uganda, Ethiopia, Ghana, and other African countries.
We're working tirelessly at Mastercard through our alliance with the African Development Bank Group on the Mobilizing Access to the Digital Economy MADE initiative, seeking to ext digital access capabilities to a billion people on the continent, sd Michael Miebach, CEO of Mastercard. Across Africa, individuals and businesses are driving growth and innovation, and at Mastercard, we're committed to supporting their success. The MADE Alliance builds upon our ongoing investments and collaborations with partners in over 45 countries med at strengthening Africa's digital infrastructure while accelerating inclusive economic development.
The African Development Bank Group will commit $300 million as co-chr for the Alliance progra fund digital infrastructure improvements and incentivize ecosystem participants, such as technology companies, financial institutions, and NGOs. Meanwhile, Mastercard onboard 15 million users in Africa onto its Community Pass platform within the next five years through a system that fosters interoperability among various stakeholder groups.
The African Development Bank Group is pleased to join forces with Mastercard on the Mobilizing Access to the Digital Economy Alliance: Africa, stated Dr. Akinwumi Adesina, President of the African Development Bank Group. By leveraging digital platforms such as Mastercard Community Pass, we m to increase agricultural technology adoption for food security across Africa while simultaneously boosting incomes among millions of smallholder farmers. This collaboration with Mastercard will amplify our investment in building sustnable and climate-smart food systems.
The MADE Alliance: Africa is forging a strategic ecosystem with public and private sector partners focused on enhancing digital access in a comprehensive, affordable, and reliable manner to ensure more people can participate in the digital economy. Dozens of organizations are already committed to participating at launch, including Equity Bank, Microsoft, Heifer International, Unconnected.org, and Syngenta Foundation.
In addition to this collaboration, Mastercard is also engaging with the U.S. Department of Commerce on a memorandum of agreement that advance digital access and inclusion across Africa based on shared aspirations for implementing the Digital Transformation with Africa's D2A initiative. This partnership will build upon existing initiatives like President's Emergency Plan for Adaptation and Resilience PREPARE and Women in the Digital Economy Fund WiDEF, further demonstrating a strong commitment to fostering digital empowerment.
Bringing together influential leaders from both sectors ensures that accessible, affordable, and trustworthy technologies are developed and implemented at scale. These innovations promise to unlock countless opportunities for individuals, businesses, governments, and communities across Africa.
Contact:
Jessica Jeng-Mitchell
Mastercard Communications
About Mastercard NYSE: MA
Mastercard is a global technology leader in the payments industry. Its mission is to create safer, simpler, smarter transactions worldwide by integrating secure data and networks, fostering partnerships, and leveraging passion to drive economic advancement for everyone everywhere. By utilizing state-of-the-art analytics and technologies, we empower individuals, financial institutions, governments, and businesses to realize their full potential while contributing to a sustnable future.
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Mastercard African Digital Transformation Alliance Mobilizing Access to the Digital Economy Initiative 100 Million Individuals and Businesses Empowerment Goal Agricultural Development Womens Empowerment Program $300 Million Investment for Digital Infrastructure Mastercard Community Pass User Onboarding Drive