Promoting Inclusive Markets and Financial Systems
The MasterCard Foundation works with visionary organizations to provide greater access to education, skills training and financial services for people living in poverty, primarily in Africa. As one of the largest private foundations its work is guided by its mission to advance learning and promote financial inclusion to create an inclusive and equitable world. Based in Toronto, Canada, its independence was established by Mastercard when the Foundation was created in 2006. For more information and to sign up for the Foundation’s newsletter, please visit www.mastercardfdn.org. Follow the Foundation at @MastercardFdn on Twitter.
CRS’ delivery model rethinks the approach to agents who form SILC groups, by preparing agents to become independent service providers operating on a market-led basis. Community-based agents are initially identified, trained, supervised and compensated by implementing organizations for up to one year, as would be the case under a traditional, donor-driven delivery model. After one year, agents undergo an examination process that assesses their productivity, the quality of their groups, member satisfaction with their services, and their technical skills and motivation. If successful, agents are certified as PSPs and offer their training and support services to communities, at a fee, since they are no longer supported financially by the project. A combination of financial and social/personal incentives drives PSPs to continue forming and supporting groups. PSPs operating in the same area constitute an informal network of agents, for coordination, quality control and mutual support. In cases where demand for SILC services exceeds PSP capacity, PSPs may recruit apprentices to supplement their work. The network then takes responsibility for certifying the apprentices as PSPs.