54 Collective, one of Africa’s leading startup accelerators, has officially announced its closure following a significant funding cut from the Mastercard Foundation, one of its primary financial backers. The decision comes amid broader shifts in funding priorities within the development and investment landscape, leaving 54 Collective unable to sustain its operations. The closure is a major blow to Africa’s startup ecosystem, as 54 Collective has played a pivotal role in supporting early-stage businesses in fintech, agritech, edtech, and e-commerce. However, the accelerator struggled to secure alternative funding after the Mastercard Foundation, which had been a key sponsor, redirected its focus toward other strategic initiatives. The loss of this financial support, combined with economic uncertainty and shifting investor priorities, ultimately led to the difficult decision to shut down.The Impact of Mastercard Foundation’s Funding WithdrawalThe Mastercard Foundation has been a major player in supporting African entrepreneurship, particularly in driving youth employment and digital innovation. Over the years, the foundation channeled substantial resources into programs like 54 Collective to help startups scale, access mentorship, and create jobs

Busitema University has announced a scholarship program in partnership with the Mastercard Foundation.

Mastercard expands in West Africa with new Ghana office.