Mastercard Fdn Scholars Program Celebrates 10-Year Anniversary

ADDIS ABABA – The Mastercard Foundation celebrates the decennial anniversary of the Mastercard Foundation Scholars Program this week.

Launched in 2012, the Program began as a $500 million initiative to develop the next generation of leaders who would drive social and economic transformation.

It identifies talented young people from economically disadvantaged communities across the globe, inxluding Africa, and supports their secondary and higher education.

Initially, the Program aimed to support 15,000 young people.

Over the last decade, the Mastercard Foundation has deployed $1.7 billion through the initiative to benefit nearly 40,000 young people.

Over 72 percent of whom are young women, the foundation says

President and CEO of the Mastercard Foundation, Reeta Roy, said the program is enabling “thousands of bright and deserving young people to access quality education and develop as leaders”.

To date, 18,544 young people have graduated from secondary and higher education.

Roy said the alumni are leaders and innovators; activists and entrepreneurs; tackling everything from climate change to health inequity.

“Their collective impact will be felt for generations to come,” CEO of the Mastercard Foundation added.

According to a 2020/2021 survey of a sample of Alumni from the Program, 87% of secondary-school graduates and 71 percent of university graduates are employed.

Where Alumni have become entrepreneurs, they have collectively created over 16,000 jobs, as per the survey. In addition, 40% of university graduates say they are now supporting the education of their siblings.

Featured Image Caption: A group of Mastercard Foundation Scholars express excitement at the Baobab Summit 2022, in Kigali, Rwanda. The Mastercard Foundation Scholars Program–an education and leadership initiative that has directly impacted nearly 40,000 young people, primarily in Africa – this year celebrates a decade of transformative impact and learning. (Photo MCF)