MasterCard funding Grameen Foundation initiative to bring financial services to the unbanked in Kenya
Monday, April 21, 2014
MasterCard is funding a Grameen Foundation initiative to bring financial services to the poor and the unbanked in Kenya.
AppLab Money Kenya products will be delivered through partner bank Jamii Bora. The project received additional funding from the Craig and Susan McCaw Technology for Development Challenge.
“Today around 2.5 billion people – or roughly half of the world’s adult population – lack access to credit, insurance, savings accounts, and other formal financial services. Our vision for Africa is to see cashless transactions bridge the gap for the financially disenfranchised. Our work with partners such as Grameen Foundation and Jamii Bora, with whom we share a common vision to extend financial services to the unbanked and underbanked in Kenya, will help us achieve that,” said James Wainaina, vice president of MasterCard East Africa.
While the need to provide accessible financial services to those who currently go without is laudable, why start in Kenya, home of the world’s leading mobile payment system?