On Friday 26th, The Mastercard Foundation Fund for Rural Prosperity (FRP) announced that nine companies from seven countries will receive more than US$9 million to support projects that expand financial inclusion in rural Africa

The nine companies were selected from more than 300 firms competing in the first two phases of the Fund’s 2017/2018 rolling competition, which launched in June 2017 and closed in January 2018

The 2017/2018 rolling competition was one of the Fund’s largest in its efforts to find and support providers of innovative and scalable financial products and services that improve the lives of poor people living in rural areas of Africa. Financing for another group of companies, assessed as part of the third and fourth phases of the competition, will be announced in 2019

The latest round of financial support will extend innovative transactions, green energy, asset finance, mobile banking, agency banking, and distribution/logistics solutions to excluded rural populations in the seven countries

Uganda’s SolarNow was selected among phase 1 companies and will be awarded a grant of USD 740,000

The other selected companies in phase 1 are :- Equity Bank Congo SA, FutureLink Technologies Limited, Apollo Agriculture Limited, Easy Solar Limited and Dodore Kenya Limited.

More companies have been selected for phase 2 and these include :- Farmerline Limited, Stewards Globe Limited and Microcred Limited

An overview of the nine projects that have just been selected can be found below. As well, more information about the 2017/2018 Rolling Competition is available on the website