BRAC and The MasterCard Foundation Announce the Expansion of their Partnership in Uganda

March 30, 2011
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BRAC and The MasterCard Foundation today announced the expansion of a $45 million partnership to scale BRAC’s innovative microfinance multiplied model in Uganda. The announcement, which was made at the opening plenary of the 2011 Skoll World Forum on Social Entrepreneurship, will enable BRAC to expand its network to 129 branches, benefiting more than four million Ugandans.”The MasterCard Foundation aims to scale innovative microfinance programs in Africa to improve the lives of people living in poverty,” said Reeta Roy, President and CEO of The MasterCard Foundation. “BRAC’s holistic approach integrates microfinance and livelihood services to help women to become productive economically and build assets to benefit their families.”

BRAC and The MasterCard Foundation today announced the expansion of a $45 million partnership to scale BRAC’s innovative microfinance multiplied model in Uganda. The announcement, which was made at the opening plenary of the 2011 Skoll World Forum on Social Entrepreneurship, will enable BRAC to expand its network to 129 branches, benefiting more than four million Ugandans.”The MasterCard Foundation aims to scale innovative microfinance programs in Africa to improve the lives of people living in poverty,” said Reeta Roy, President and CEO of The MasterCard Foundation. “BRAC’s holistic approach integrates microfinance and livelihood services to help women to become productive economically and build assets to benefit their families.”

Today’s announcement builds on an existing partnership with The MasterCard Foundation in Uganda, where BRAC’s approach, which it calls “microfinance multiplied,” increases the ability of poor clients to productively use microloans to augment their incomes and build their assets, as well as stimulate economic and social development within their communities.

“Through this expanded partnership with The MasterCard Foundation, BRAC will be able to deepen the outreach of our current microfinance and livelihoods program in Uganda and expand our network to 129 branches,” said Fazle Hasan Abed, BRAC’s Founder & Chairperson. “We will also be undertaking a series of long-term studies to assess impact of integrated approach to services on lives of clients, their families and their communities.”

Uganda is a country of 30 million people. More than 60 percent of the population does not have access to financial services. The BRAC program will provide economically active women with loans, training and technical support to enable them to improve their livelihoods, particularly those in the agricultural poultry and livestock sectors. Additionally, the program will expand vocational and life-skills education for adolescent girls.

“The theme of the 2011 Skoll World Forum is Large Scale Change—ecosystems, networks and collaborative action,” said Sally Osberg, President and CEO, Skoll Foundation. “This announcement by BRAC and The MasterCard Foundation is a great example of collaborative action, innovation, and entrepreneurship helping solve the world’s most pressing problems.”