Mastercard Foundation sows seeds of opportunity for young African farmers

Ms. Michelle Gathigi (left), Director Operations for Spatial Collective Ltd is taken through the application process of the Agribusiness Challenge Fund by the Mastercard Foundation Fund for Resilience and Prosperity Engagement Partner, Mrs. Smita Sanghrajka during the launch of the fund. PHOTO/Mastercard Foundation.
  • The Agribusiness Challenge Fund provides SMEs with grants ranging from US$500,000 to US$2,500,000 disbursed over three years.
  • The specific amount awarded depends on the applicant’s development stage, scalability, and achievement of milestones.
  • Successful applicants receive tailored technical assistance aligned with the FRP’s objectives to ensure sustainable business growth.

The Mastercard Foundation Fund for Resilience and Prosperity (FRP) has taken a significant step towards empowering young Africans in the agricultural sector.

On April 10, 2024, the organization launched the Agribusiness Challenge Fund, a program designed to support innovative and commercially viable Small and Medium Enterprises (SMEs) across 20 Sub-Saharan African nations in Kenya’s capital city, Nairobi.

This initiative directly aligns with the FRP’s objective of unlocking enterprise growth and fostering the creation of dignified work opportunities for young people, with a particular focus on young women, those with disabilities, and refugee youth.

The agricultural sector in Sub-Saharan Africa holds immense potential for growth and job creation. However, many agri-SMEs struggle to access the financial resources and expertise needed to scale their businesses effectively. This restricts their ability to create the kind of employment opportunities desperately needed by a youthful African population.

The Agribusiness Challenge Fund seeks to bridge this gap by offering SMEs competitive grants ranging from US$500,000 to US$2,500,000.

These grants will be disbursed over three years, with the exact amount awarded based on the applicant’s development stage, business model scalability, and achievement of agreed-upon milestones.

Beyond financial support, the FRP will also provide successful applicants with tailored technical assistance aligned with the Fund’s objectives. This comprehensive approach aims to equip SMEs with the tools and knowledge necessary to build sustainable and impactful businesses.

Collaboration is Key

“The Mastercard Foundation is collaborating with a network of partners to create job opportunities for young people across Sub-Saharan Africa, in line with our Young Africa Works strategy,” stated Mr. Daniel Hailu, Executive Director of Pan-African Programs at the Mastercard Foundation.

This collaborative spirit underscores the understanding that a unified effort is crucial to address the complex challenges facing African youth employment in the agricultural sector.

The Agribusiness Challenge Fund signifies a new chapter for the Mastercard Foundation’s dedication to fostering resilience and prosperity in Africa. It follows the successful completion of the Mastercard Foundation Fund for Rural Prosperity, which operated from 2014 to 2023.

The previous initiative supported 38 participant businesses across 15 African countries, enabling them to reach over 5.3 million people with innovative financial products and services, ultimately promoting greater financial inclusion within rural communities.

Open for Applications: A Focus on Inclusivity

The Agribusiness Challenge Fund call for proposals is currently open and will close on November 22nd, 2024. Applications will be reviewed on a rolling basis every 12 weeks, allowing for multiple application windows and greater inclusivity for potential participants.

The program actively encourages SMEs led by young women or those focused on creating employment opportunities for young people with disabilities and refugee youth to apply. This ensures a diverse pool of applicants and fosters an environment where innovation and social impact go hand-in-hand.

Eligibility and Resources

SMEs interested in applying for the Agribusiness Challenge Fund must meet established eligibility criteria and ensure their projects are implemented in at least one of the 20 focus countries targeted by the initiative: Benin, Burundi, Botswana, Cameroon, Cote d’Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda, and Zambia.

For detailed information on eligibility criteria, application procedures, and access to the application platform, potential applicants are encouraged to visit the FRP website at https://frp.org

Looking Ahead: A Brighter Future for Young Africans

The Mastercard Foundation Fund for Resilience and Prosperity’s Agribusiness Challenge Fund presents a significant opportunity for innovative African SMEs in the agricultural sector. By providing financial support, technical assistance, and a focus on inclusivity, the program has the potential to unlock job creation, empower young Africans, and contribute to a more prosperous future for the continent.

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This initiative aligns perfectly with Mrs. Smita Sanghrajka’s statement, Mastercard Foundation Fund for Resilience and Prosperity Engagement Partner, who emphasized the “great opportunities for innovative SMEs in Sub-Saharan Africa to grow, with opportunities to create dignified and fulfilling work for young people.”

The Agribusiness Challenge Fund has the potential to turn these opportunities into reality, fostering a future where young Africans can thrive within the agricultural sector.

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16 COMMENTS

  1. Good day sir/ma.
    I am Bello Sheriff Adekunle. I am a young farmer based in Badagry, Lagos State, Nigeria and registered with Corporate Affairs Commission. I want use this opportunity to commend Mastecard Foundation for her effort in creating opportunity for young people in Africa, Nigeria inclusive by making them self-sufficient and job creators by providing them funding.
    Sir/ma, I would like to apply for the 2024 grant which was released on the 10th of April, 2024 but I could not get the link to apply. I hope it would not be an impertinent if I ask for the information that will give the chance to obtain the link to apply or redirected to where I can gett the link to apply.
    Yours faithfully

    Bello S.A

  2. Dear SMEs
    Its quiet long hearing Mastercard foundation praying for it to reach in our region ( south western uganda) i like the foundation

  3. I’m in the agricultural sector in Botswana a hot and dry country. But I am not a youth. Most of the youths in my country are not interested in farming because of its hardship. My project works with women smallholder farmers who are mostly young. My question is, can I apply for the fund? Will my application be considered? The aim of the project is to lobby for interest in farming among the youths and create food security for the country.

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