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    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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MasterCard organizes competition to improve rural lives

bycitibusinessnews
April 14, 2016
in TECHNOLOGY, Top Stories
Senior Programme Manager, Financial Inclusion, at Master Card  Rewa S. Misra

Senior Programme Manager, Financial Inclusion, at Master Card Rewa S. Misra

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Organizers of the MasterCard Foundation Fund for Rural Prosperity have urged Ghanaians to take part in its next competition to help improve lives of Ghanaians living in rural areas.

The 2016 edition, which opened on April 14, will allow people from selected countries including Ghana to design innovative ideas that can be implemented using ICT to improve the livelihood of rural folks.

The five winners of the 2015 edition
The five winners of the 2015 edition

The competition has two categories— innovation and scaling, under which 15 million dollars and 35 million dollars are allocated respectively.

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At a ceremony in Accra, the foundation awarded five companies who won the 2015 edition with an initial fund of 10.6 million  dollars to bolster their innovative work to alleviate poverty by increasing access to financial services for poor people in rural Africa.

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The five companies introduced imaginative thinking in their approach to scaling up financial inclusion— the increase in access to services such as mobile banking, savings accounts, insurance and credit for the benefit of nearly eight million people in remote parts of Africa.

In this year’s edition, the foundation announced that it is searching  for other companies that are working to broaden and deepen financial inclusion at scale in rural Africa.

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The five firms that will receive the US$10.6 million under the 2015 Fund for Rural Prosperity Scaling competition include , APA Insurance limited, Finserve Africa Limited, M-KOPA LLC, Musoni  Limited  all in Kenya, and Olam Uganda.

Speaking to Citi Business News, a Senior Programme Manager at the MasterCard Foundation,  Rewa S. Misra, stated that there were many impressive companies that entered the competition with proposals to scale work and make a real difference in the financial lives of people living in poverty.

“These five, however, displayed an innovative approach backed by a solid business proposal and commitment to excellence that convinced us to support their efforts”, she explained.

She disclosed that as a result of the five awards announced, nearly eight million people in rural areas of Kenya, Tanzania and Uganda will now have access to formal financial services by 2020.

She maintained that the inclusion has been shown to improve peoples’ lives through greater access to health, education and employment opportunities.

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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