The MasterCard Foundation, a Canada-based nongovernmental organization (NGO) supporting microfinance and education, and CGAP (Consultative Group to Assist the Poor), a US-based nonprofit policy and research center, recently announced a USD 11.4 million partnership to develop low-cost financial products to assist people living in poverty. Over four years, CGAP will seek to improve approaches to offering access to branchless banking services in West Africa, including payment cards and mobile payment systems, with a particular emphasis on serving youth and “extremely” poor people. CGAP will also perform research on the preferences and needs of these groups
As of 2011, the MasterCard Foundation reported approximately USD 3.7 billion in assets. CGAP reported total revenue of USD 29.5 million and total assets of USD 24.2 million for the fiscal year ending June 2011.