The Mastercard Foundation: Putting the Numbers into Perspective

The Mastercard Foundation has been over the years on the forefront of making sure that the tomorrow of an African youth and people, in general, is always better than today.

The Foundation seeks a world where everyone has the opportunity to learn and prosper with its work guided by its mission to advance learning and promote financial inclusion for the people living in poverty.

Since its inception in 2006, the Mastercard Foundation has impacted lots of lives positively. In only a decade, it has managed to change a total of 25. 5 million lives through funding and educational programs. This it does with an aim of ensuring that there is equal growth for all the people in terms of economy.

It has committed a total of 2.1 billion US dollars set to help various people around the world with the Foundation having landed in 66 countries already. Among the 66 countries, 33 are from Africa with a total of 187 projects being supported with an average of 11 million US Dollars for each project.

Up to date, 1.3 billion US Dollars have been disbursed for various projects including those focused on rural prosperity, educational programs, individual growth, and youth empowerment among others.

The most recent is the Young Africa Works, which is aimed at addressing unemployment issues among the youth in Africa. The initiative focuses the Foundation’s resources on finding solutions for the youth employment challenge.

Africa is the youngest and fastest-growing continent in the world. By 2030, there will be 375 million young people in the job market. According to the International Monetary Fund, population growth on the continent means that by 2035, there will be more young Africans entering the workforce each year than in the rest of the globe combined.

There is a significant gap between the number of young people seeking work and the limited employment opportunities available to them, which means they will face challenges finding formal employment and a pathway out of poverty. Moreover, there is a mismatch between the skills of young people entering the workforce and the needs of employers.

The new strategy builds on what the Foundation has achieved over the last decade and is the result of extensive consultation with leaders of African governments, private sector organizations, educational institutions, civil society and, most importantly, young people themselves.

Using youth employment as a measure of our progress, Mastercard Foundation believes that the strategy will help millions of Africans find a pathway out of poverty for themselves and their families.