Mastercard Foundation

Mastercard Foundation

Non-profit advancing education and financial inclusion

Overview

The Mastercard Foundation helps young people in Africa and Indigenous communities in Canada gain access to education and financial inclusion through scholarships, mentorship, and seed funding. Its programs include the Mastercard Foundation Scholars Program, which provides scholarships and mentorship, and the Social Venture Challenge, which offers seed funding and a global network to young entrepreneurs. It works by partnering with the private sector, donors, and civil society to build supportive systems, policies, and environments rather than just giving grants. Its goal is to create a world where young people are included, thriving, and driving transformative change in their communities.

About Mastercard Foundation

Simplify's Rating
Why Mastercard Foundation is rated
B
Rated A on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Social Impact

Financial Services

Education

Company Size

501-1,000

Company Stage

N/A

Total Funding

N/A

Headquarters

Toronto, Canada

Founded

2006

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Simplify's Take

What believers are saying

  • July 16, 2026 Pathways to Scale launched $45 million for 13,000 women-led enterprises.
  • August 3, 2026 McGill opened applications for 35 Mastercard Foundation scholarships.
  • August 1, 2026 Uganda bursaries expanded HEAC access for refugees, disabilities, and women in STEM.

What critics are saying

  • May 12, 2026 54 Collective liquidation exposed grant controls failures and reputational spillover.
  • The 54 Collective case involved $4.6 million transfers, $700,000 rebranding, and employee layoffs.
  • A second partner-fraud scandal would push donors and universities to distance themselves.

What makes Mastercard Foundation unique

  • Toronto-based, $7 billion foundation, it deploys capital through long-horizon partnerships across 46 countries.
  • Since 2025, Scholars Program committed 58,000 scholarships through universities and NGOs.
  • Its model funds systems, not charities, linking education, finance, and jobs.

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Benefits

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Company News

Ndejje University
Aug 2nd, 2026
Ndejje University join FAWE Uganda & Mastercard Foundation at Kigumba for the HEAP Bursary Award Ceremony.

Ndejje University join FAWE Uganda & Mastercard Foundation at Kigumba for the HEAP Bursary Award Ceremony. KIGUMBA, UGANDA In a landmark celebration of educational equity and youth empowerment, a high-level administrative delegation from Ndejje University participated in the official Mastercard Foundation and Forum for African Women Educationalists (FAWE) Uganda Bursary Award Ceremony on Saturday, August 1, 2026 and 2nd August 2026. Held at the Uganda Petroleum Institute Kigumba (UPIK) in Kiryandongo District, the event officially recognized bright yet economically marginalized young Ugandans, persons with disabilities, and refugees selected to receive transformative higher education bursaries. Leading Ndejje University's delegation was Academic Registrar Dr. Mary Wanda Mutyaba, accompanied by Mr. Allan Walusimbi (Team Leader AIS) and Mrs. Florence Nyakecho, Mr.Obwoya Patrick from the Office of the Academic Registrar. The delegation's prominent presence highlighted Ndejje University's vital role as a primary tertiary institution implementing the FAWE Mastercard Foundation Phase II initiative. Through this strategic partnership, Ndejje University provides academic pathways for underrepresented youth pursuing the Higher Education Access Certificate (HEAC) in Science, Technology, Engineering, and Mathematics (STEM) fields, bridging the gap between secondary school completion and tertiary degree enrollment. Throughout the interactive sessions with bursary awardees, parents, and education stakeholders, Academic Registrar Dr. Mary Wanda Mutyaba delivered a passionate address encouraging the incoming scholars to remain focused, practice strong academic discipline, and build personal resilience. "This partnership directly reflects Ndejje University's founding mandate to teach, mentor, and build our nation," declared Dr. Mary Wanda Mutyaba. "FAWE Uganda and the Mastercard Foundation have handed these determined young men and women a life-changing key to academic and socio-economic empowerment. Our duty at Ndejje University is to provide a nurturing, high-quality academic environment where every student regardless of their background, physical disability, or refugee status can flourish. To our new scholars: this bursary is your stepping stone. Stay focused, embrace academic discipline, and maximize this privilege to build a brighter future for your communities and Uganda at large." A major highlight of the ceremony was the keynote address delivered on behalf of the Acting Minister of Education and Sports by the Minister of State for Primary Education, Hon. Joyce Moriku Kaducu Chemutai. In her remarks, she commended FAWE Uganda and the Mastercard Foundation for their unwavering commitment to expanding access to quality education for vulnerable and disadvantaged learners. She emphasized that investing in education is fundamental to Uganda's socio-economic transformation and called upon stakeholders to continue supporting initiatives that empower young people through equitable access to learning opportunities. Mrs. Susan Opok Tumusiime, Executive Director of FAWE Uganda, reiterated that the bursary scheme is strategically designed to break socio-economic barriers and create sustainable leadership pathways across Uganda. She noted that the programme seeks to ensure that talented but financially constrained learners are not denied the opportunity to pursue higher education, thereby contributing to the country's long-term social and economic development. "Today is not merely about awarding scholarships; it is about restoring hope and unlocking human potential," stated Mrs. Susan Opok Tumusiime. "By prioritizing these bursaries for young women in STEM, alongside young men with disabilities and refugees, we are building a more inclusive and resilient Uganda. We trust our partner institutions like Ndejje University to nurture these talented minds, and we charge our scholars to take full ownership of this opportunity to transform their communities." Student beneficiaries took the stage to share moving testimonies on how equitable higher education funding is changing their lives. Key leadership perspectives were highlighted by Mrs. Margaret Atim, representing the FAWE Uganda Board of Directors, followed by Ms. Rossette Nanyanzi, Chairperson of the National Selection Committee, who detailed the transparent selection framework prioritizing marginalized districts, refugees, and persons living with disabilities. Financial sustainability was addressed by Mr. Richard Chelegant, Head of Finance at the FAWE Regional Secretariat. At the core of Ndejje University's mission is an unwavering commitment to widening educational access, fostering socio-economic mobility, and fulfilling its founding mandate to "Teach the Nation." In partnership with FAWE Uganda and the Mastercard Foundation, Ndejje University re-dedicate ourselves to fostering inclusive academic pathways. Ndejje University actively support underrepresented groups including persons with disabilities, refugees, and economically disadvantaged youth by providing structured academic bridging programs through the Higher Education Access Certificate (HEAC). Furthermore, Ndejje University prioritize gender-inclusive education by championing female scholars in Science, Technology, Engineering, and Mathematics (STEM). Ndejje University ensure that every female student receives the personalized academic guidance, state-of-the-art laboratory access, and professional mentorship necessary to excel in these crucial fields. Ndejje University guarantee holistic student welfare and administrative support to secure a seamless academic journey. By offering dedicated onboarding, proactive academic advising, continuous welfare monitoring, and modern technological tools, Ndejje University maintain high retention and graduation rates among all its scholars. Finally, Ndejje University remain steadfast in strengthening strategic development partnerships across the region. By collaborating closely with government ministries, international development agencies, and non-governmental organizations, Ndejje University continues to build sustainable human capital and drive meaningful community transformation across Uganda. "Our commitment goes beyond admitting students; it is about taking full responsibility for their academic, professional, and personal growth. At Ndejje University, we ensure every scholar from every walk of life is equipped to lead and transform society." Dr. Mary Wanda Mutyaba, Academic Registrar, Ndejje University

TechTrendsKE
Jul 28th, 2026
Nairobi game studio Ubuntu Universe wins $100K fellowship for offline-first learning app Soraha

Ubuntu Universe Limited, a Nairobi-based game studio, has been selected for the Mastercard Foundation EdTech Fellowship's fourth cohort. The company, founded by Billy Gareth and Joseph Makonge, developed Soraha, an offline-first learning app designed for areas with limited connectivity. Soraha allows students to download content once and continue learning without internet access. The platform includes local multiplayer capabilities over WiFi hotspots, assignment workflows, analytics, and an adaptive revision system. Top-performing students can earn rewards including school supplies and vouchers. Ubuntu Universe will receive up to $100,000 in equity-free funding over 18 months, alongside access to iHUB's network and support services. The fellowship, which unveiled 12 Kenyan startups on 23rd July, focuses on solutions for refugee, displaced, rural, and underserved communities. The fellowship has backed 36 EdTech companies since 2023, reaching over 700,000 learners.

Nile Post
Jul 24th, 2026
AI is an opportunity for those ready to adapt, says Joy Mwangi.

AI is an opportunity for those ready to adapt, says Joy Mwangi. The third State of the Digital Economy (SODE) conference opened with a call for Uganda to shift from expanding internet access to creating jobs, businesses and innovation through technology, setting the tone for a national conversation on how digital transformation can deliver real economic opportunities. Uganda's digital transformation must now be measured not by the number of people connected to the internet, but by how technology creates jobs, strengthens businesses and improves lives, Next Media Chief Marketing and Ventures Officer Joy Mwangi has said. Opening the third State of the Digital Economy (SODE) conference at the Next Conference Centre, Mwangi said the country has reached a point where conversations about connectivity must evolve into practical action that generates economic value. Organised by NextCom in partnership with the Ministry of ICT and National Guidance and other partners, this year's conference is being held under the theme, "Beyond Connectivity: Turning Access into Opportunity." The event has brought together government leaders, technology companies, innovators, academia and development partners to examine how Uganda can translate digital access into inclusive economic growth. "We are saying that if we want to build the digital economy, we cannot simply take part in conversations. We must own those conversations, create change and build systems that work for the economy," Mwangi said. Her remarks established the central theme that would dominate discussions throughout the conference: Uganda's next digital milestone is no longer expanding connectivity, but ensuring citizens, businesses and institutions benefit economically from digital technologies. Mwangi described NextCom as a digital-first communications agency that helps organisations engage audiences where they increasingly spend their time - on mobile and digital platforms. "Our role is to help brands move away from broad conversations and communicate directly with consumers through digital platforms," she said. She outlined the agency's integrated services, including creative and brand design, audiovisual production, photography, digital content, social media strategy, influencer marketing, analytics and research, saying organisations must adapt to rapidly changing consumer behaviour. She also highlighted the growing role of the Next Creata Hub, which provides a collaborative space where creators, agencies, brands and influencers produce digital content while developing sustainable careers within Uganda's expanding creator economy. Mwangi said NextCom is also investing in digital employment through the Next Creata Programme, implemented in partnership with the Mastercard Foundation, which aims to equip 3,300 young people annually with practical digital and content creation skills across 14 regions of Uganda. "How do we help a young person use their mobile phone and turn it into a job opportunity? That is the question we are answering," she said. She said the creator economy is becoming an increasingly important pillar of Uganda's digital ecosystem, with content creators influencing purchasing decisions, shaping public discourse and helping businesses reach new audiences. Through Next Influencer, she said, NextCom is helping organisations build credible partnerships with creators while supporting young people to develop sustainable careers through digital content. "Our promise is that we don't simply connect brands with influencers. We create credibility, sustainability and measurable value that allows organisations to see real returns on their investment," Mwangi said. Turning to artificial intelligence, Mwangi urged organisations to view AI as a tool for innovation and productivity rather than a threat to employment. "The question is no longer whether AI will change jobs. The question is who is ready to use it. I don't see AI as a threat. I see it as an enabler that helps us become more efficient and create more opportunities for young people and businesses," she said. She said SODE continues to provide a platform where policymakers, innovators, businesses and development partners can shape ideas that strengthen Uganda's digital future. "As you leave today, we hope you learn something new about technology and discover new opportunities to create value. We are here to serve you, and we welcome the opportunity to work together in building Uganda's digital economy," she said. Now in its third edition, SODE has grown into one of Uganda's leading digital policy and innovation forums. Discussions at this year's conference would go on to explore how stronger partnerships, practical digital skills, trusted digital services, affordable access and artificial intelligence can help Uganda move beyond connectivity and unlock new economic opportunities for its citizens.

Association for the Development of Education in Africa (ADEA)
Jul 13th, 2026
African Ministers of Education and finance convene in Malawi to take stock of progress in meeting the continental pledge to end learning poverty by 2035.

African Ministers of Education and finance convene in Malawi to take stock of progress in meeting the continental pledge to end learning poverty by 2035. The third Africa Foundational Learning Exchange opens July 15 in Lilongwe. Countries will assess progress since the landmark Declaration of Action in Kigali in 2024 and adopt new measures to improve foundational learning outcomes at scale on the continent Published on. 13 July, 2026 LILONGWE, Malawi, July 13, 2026 - More than 600 education leaders, policymakers, researchers, development partners, and practitioners from over 40 African countries will gather in Malawi this week for the 2026 Africa Foundational Learning Exchange (FLEX2026). The three-day event opens this Wednesday, July 15, at the Bingu wa Mutharika International Convention Centre (BICC) in Lilongwe. It is the first continental convening since 2024 to take stock of the continent's shared commitment to ending learning poverty by 2035 and adopt new measures to accelerate foundational learning outcomes at scale. FLEX2026 arrives at a critical juncture. Nearly 9 out of 10 children in much of Africa cannot read and understand simple text by age 10, a crisis known as learning poverty. At the same time, official development assistance (ODA) to education is declining, public finances are under strain, and governments face growing pressure to demonstrate that investment in foundational learning is reaching classrooms, producing results, and contributing to national economic growth agendas. This third edition of FLEX gives African countries a structured opportunity to do precisely that - to move from commitment to results and accountability. "Malawi is honoured to host the Africa Foundational Learning Exchange, and we come to this moment not just as hosts but as participants who are doing the work," says Honourable Bright Msaka, Minister of Education, Science and Technology of the Republic of Malawi. "Through the National Reading Programme, the National Mathematics Curriculum Reform and the BEFIT programme - which is bringing technology-supported learning to thousands of schools across the country - we are making measurable progress. But we also recognise that no country has all the answers. FLEX exists precisely for this: to share what we are learning, learn from others, hold one another to account, and find the solutions that can reach every African child." Across the three-day programme, delegates will participate in Ministerial roundtables, high-level plenary discussions, technical workshops, peer-learning sessions, country spotlights, school visits, and interactive exhibitions showcasing innovative policies, programmes, technologies, and evidence-based solutions that are improving foundational learning across Africa. Discussions will follow four thematic pillars: * Data, Assessment, and Accountability; * Teaching, Learning, and Pedagogy; * Education Workforce and System Leadership; and * Governance, Alignment, Cost-Effectiveness, and Financing. Meanwhile, ADEA and UNICEF will host pre-FLEX activities on data-led decision-making and a south-south learning exchange between Africa and India. On 13th and 14th July, ADEA is convening focal points from 25 countries on its education and skills data challenge initiative (ESDC) to cross-breed learning on practical ways to entrench data-driven decision-making in Ministries of Education. Also, on 14th July, UNICEF is organising a South-South learning session between foundational learning authorities in India and Africa. The session continues previous efforts to adapt some of the experiences that yielded massive learning improvement in India. FLEX will conclude on Friday, the 17th, with the presentation and adoption of the FLEX2026 resolutions. "What makes this platform unique is that it was instituted and led by African countries, for African countries. Governments come together not simply to exchange ideas but to examine evidence, assess progress against shared commitments, and strengthen the systems that deliver better learning outcomes. As the organising institution of FLEX, ADEA is proud to support our member countries with a trusted platform where they can learn from one another, build lasting partnerships, and accelerate reforms that will help fulfil the commitment to end learning poverty by 2035 and achieve their national education goals," says Albert Nsengiyumva, Executive Secretary of ADEA. FLEX was established as an African-led platform for peer learning, policy dialogue, and mutual accountability on foundational learning. The inaugural exchange was held in Freetown, Sierra Leone, in 2023, and the second edition was held in Kigali, Rwanda, in 2024, where 34 African Ministers of Education adopted the Declaration of Action, committing their countries to work collectively towards ending learning poverty in Africa within the decade through stronger political leadership, sustained investment, and the scaling of evidence-based reforms. Beyond the 2025 ADEA Triennale, FLEX2026 marks the first continental opportunity for participating countries to assess progress against those commitments, exchange lessons from implementation, and define new ambitions for addressing challenges impeding progress towards fully meeting the five actions from Kigali and sustaining momentum over the coming decade. The event also advances Africa's broader education agenda, contributing to the implementation of the African Union's Continental Education Strategy for Africa 2026-2035 (CESA 26-35), achievement of Sustainable Development Goal 4 (SDG 4), and 2025 ADEA Triennale recommendations that call for translating policy commitments into measurable improvements in learning. The Government of Malawi is hosting this event, organized by ADEA, in partnership with the African Union, UNICEF, World Bank, Human Capital Africa, Imagine Worldwide, Luminos Fund, Prevail Fund, Federer Foundation, Hempel Foundation, Gates Foundation and the Mastercard Foundation. Together, these institutions are supporting African countries to strengthen foundational learning through evidence-informed policies, peer learning, stronger implementation, and sustained political commitment. Official event information, registration, and media accreditation are available at flex2026.adeanet.org. Key references Media contacts * FLEX2026 Communications Sub-Committee | Chinedu Ejike Anarado | [email protected] * MoEST Malawi Public Relations Unit: [Lily Kampani - [email protected]] * Africa Practice: Joslyne Muthoni | [email protected] * Speak Up Africa: Ousmane Toure | [email protected] Subscription.

AF24NEWS
Jul 4th, 2026
Agrisiti, Mastercard Foundation, partners celebrate emerging agripreneurs at AquaRice 360 Pitch Competition.

Agrisiti, Mastercard Foundation, partners celebrate emerging agripreneurs at AquaRice 360 Pitch Competition. July 4, 2026 Agrisiti, in collaboration with Tagdev 2.0, the University of Port Harcourt, RuForum (Regional Universities Forum for Capacity Building in Agriculture), in partnership with the Mastercard Foundation, has successfully concluded the AquaRice 360 Pitch Competition, crowning outstanding youth-led agribusiness ventures from across Nigeria and marking the culmination of the Agrisiti Hybrid Digital Training on Agribusiness and Climate-Smart Skills Programme. The competition brought together some of the programme's most promising participants, who spent 12 weeks developing practical skills in agribusiness, climate-smart agriculture, entrepreneurship, employability, and business innovation within the rice and aquaculture value chains. -Advertisement- Speaking on the programme's impact, Agrisiti Chief Executive Officer, Joseph Ante, reaffirmed the organisation's commitment to building the next generation of agricultural entrepreneurs. -Advertisement- -Advertisement- "Its commitment to empowering the next generation of agricultural entrepreneurs remains unwavering. Through strategic partnerships, mentorship, and access to opportunities, AF24News is equipping young people with the tools they need to build successful agribusinesses and contribute meaningfully to food security and economic development. "The success of these participants reinforces our belief in the potential of youth to transform agriculture across Africa," Ante added. Designed to equip young people with the knowledge, networks, and confidence required to thrive in agriculture, the programme engaged 3,591 youths across Ogun, Enugu, Cross River, Rivers, Bayelsa, Kano, and Niger States through a combination of digital learning, mentorship, practical demonstrations, field immersion, and business development activities. At the AquaRice 360 Pitch Competition, participating teams presented innovative business solutions addressing challenges and opportunities across the rice and aquaculture value chains. Their ideas were assessed on innovation, feasibility, market potential, sustainability, team capability, and social impact. Across the seven participating states, several outstanding ventures emerged as state champions. These included Green Coal Initiative in Niger State, AgroAqua Innovators in Ogun State, Aqua Drift in Bayelsa State, RIV Farm in Rivers State, Agri Nourisha Limited in Enugu State, AgroFusion in Cross River State, and Egodinula Farms & General Enterprises in Kano State. The winning teams showcased innovative approaches spanning rice production, aquaculture, fish processing, value addition, agribusiness services, and climate smart farming practices. Cash prizes and seed capital awards, were given to the winning teams with access to mentorship opportunities, business advisory support, ecosystem partnerships, and connections that will help accelerate the growth of their enterprises beyond the programme. According to the Chief Executive Officer, the programme was developed in response to growing concerns around youth unemployment, food insecurity, and declining participation in agriculture despite the sector's immense potential for economic growth. Ante explained that by combining technical training with entrepreneurship development, employability support, mentorship, and real-world exposure, the initiative seeks to position agriculture as a viable and attractive pathway for young people. Participants completed online learning modules, participated in team-based agribusiness projects, attended practical demonstrations and field immersion activities, and received mentorship support to refine business concepts and career pathways. Many participants also developed investor-ready business models and strengthened their professional readiness for employment opportunities within the agricultural sector. Beyond the competition, programme partners remain committed to supporting participants through continued access to mentorship, business incubation opportunities, industry networks, and employment pathways. As Africa's youth population continues to expand, initiatives such as the Agrisiti Hybrid Digital Training on Agribusiness and Climate-Smart Skills Programme demonstrate the critical role of partnerships in creating sustainable livelihoods, strengthening food systems, and unlocking young people's potential to drive inclusive economic growth. Agrisiti Nigeria Ltd is a digital agritech company delivering integrated urban farming, education, and hardware solutions that empower people to grow food sustainably for livelihood and subsistence. -Advertisement-

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