The Program for Financial Inclusion brings together the intellectual and financial capital of The MasterCard Foundation with the market knowledge, experience and client base of IFC. It is also supported by the Development Bank of Austria and the Swiss State Secretariat for Economic Affairs, and enjoys a fruitful working relationship with knowledge partners like CGAP.
The MasterCard Foundation advances microfinance and youth learning to promote financial inclusion and prosperity. Through collaboration with committed partners in 49 developing countries (as of August 2012), it is creating pathways out of poverty for people – particularly young people – by expanding access to learning, employment, entrepreneurship, and financial services. It is an independent, private foundation based in Toronto, Canada. The MasterCard Foundation has provided $37.4 million to the Partnership for Financial Inclusion.
The Development Bank of Austria, OeEB
Founded in 2008 as the official development bank of the Republic of Austria, the OeEB has a public mandate to work for better living conditions in developing countries by contributing to a vibrant economy. OeEB finances and supports projects in developing countries and emerging markets that are economically sustainable and have a positive impact on development. OeEb has committed €1 million for the implementation of projects with up to four IFC clients within the Partnership for Financial Inclusion.
Switzerland’s State Secretariat for Economic Affairs, SECO, is the second largest donor to IFC Advisory Services in Sub-Saharan Africa. The main priority of SECO’s development policy is to promote economically, ecologically and socially sustainable growth that will create jobs, encourage productivity and contribute to reduced poverty and inequality. As of September 2012 SECO had provided $32.1 million in support of IFC programs in Sub-Saharan Africa, including support to IFC’s Mobile Money Program.
The Consultative Group to assist the poor, CGAP
CGAP works toward a world in which everyone has access to the financial services they need to improve their lives. It develops innovative solutions for financial inclusion through practical research and active engagement with financial service providers, policy makers, and funders. Established in 1995 and housed at the World Bank, CGAP combines a pragmatic approach to market development with an evidence-based advocacy platform to advance poor people’s access to finance.