Discover how SMEs in Sub-Saharan Africa can secure funding for innovative agribusiness projects through the Mastercard Foundation Agribusiness Challenge Fund.
Introduction
The Mastercard Foundation Agribusiness Challenge Fund 2024-2025 invites small and medium enterprises (SMEs) across Sub-Saharan Africa to submit proposals for innovative agribusiness projects.
The challenge fund, launched by the Mastercard Foundation Fund for Resilience and Prosperity (FRP), focuses on creating sustainable employment opportunities for young women, young persons with disabilities, and refugee youth.
With funding support and technical assistance, selected SMEs can scale their impact and help drive inclusive growth across the region.
Building on the successes of the Mastercard Foundation Fund for Rural Prosperity, which supported 38 businesses over eight years, the Agribusiness Challenge Fund aims to enable SMEs to make a difference in the agriculture sector while enhancing financial inclusion for underserved populations.
Benefits of the Agribusiness Challenge Fund
- Financial Grants: SMEs can access grants between $500,000 to $2.5 million over a three-year period. Funding will be distributed based on milestones and the development stage of each business.
- Tailored Technical Assistance: Selected SMEs will receive personalized technical support to help meet the Fund’s objectives and scale their business successfully.
- Enhanced Visibility and Networking: Participants benefit from increased exposure, access to resources, and networking with like-minded entrepreneurs and industry experts across the region.
Eligibility Criteria
To qualify for the Mastercard Foundation Agribusiness Challenge Fund, SMEs must meet the following requirements:
- Geographic Location: Must operate within the 20 Sub-Saharan African countries listed below:
- East Africa: Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, South Sudan
- West Africa: Benin, Côte d’Ivoire, Ghana, Nigeria, Sierra Leone
- Central Africa: Cameroon, Democratic Republic of Congo (DRC)
- Southern Africa: Botswana, Malawi, Mozambique, South Africa, Zambia
- Sectoral Focus: SMEs should focus on one or more of the following sectors:
- Agriculture: Initiatives that enhance productivity, supply chain efficiency, or sustainability in agriculture.
- Climate Impact: Projects that mitigate environmental impact or contribute to climate resilience.
- Digital Economy: Innovations integrating digital solutions in agriculture to improve market access or service delivery.
- Target Audience: SMEs should aim to create employment opportunities for young people, especially young women, youth with disabilities, and refugee youth.
Required Documents for Application
Applicants need to submit the following documents:
- Business Proposal: Detailed proposal outlining the project’s objectives, scope, and potential impact on employment and sustainability.
- Development Plan: A roadmap illustrating the growth and scalability plans over the funding period.
- Financial Statements: Financial history and current statements demonstrating fiscal responsibility.
- Milestone Targets: Clear benchmarks and deliverables to measure progress at agreed intervals.
- Proof of Registration: Documented proof that the SME is legally registered in one of the eligible countries.
How to Apply
Follow these steps to apply for the Mastercard Foundation Agribusiness Challenge Fund 2024-2025:
- Visit the Application Portal: Access the official application page provided by the Mastercard Foundation.
- Prepare Your Documents: Ensure all required documents (see above) are ready for submission.
- Complete the Application Form: Fill in your business and project details accurately.
- Submit Your Proposal: Upload your business proposal and associated documents.
- Review and Confirm: Double-check all information before submitting your application.
Deadline: November 22, 2024
To apply or learn more, visit the official Mastercard Foundation Agribusiness Challenge Fund website.
Key Information
| Category | Details |
|---|---|
| Fund Name | Mastercard Foundation Agribusiness Challenge Fund 2024-2025 |
| Grant Range | $500,000 – $2,500,000 |
| Funding Period | 3 years |
| Eligible Countries | Kenya, Benin, Burundi, Botswana, Cameroon, Côte d’Ivoire, DRC, Ethiopia, Ghana, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda, Zambia |
| Sectors | Agriculture, Climate Impact, Digital Economy |
| Application Deadline | November 22, 2024 |
Conclusion
The Mastercard Foundation Agribusiness Challenge Fund 2024-2025 offers a vital opportunity for SMEs in Sub-Saharan Africa to receive financial support, technical assistance, and visibility.
By empowering businesses that focus on agriculture, climate resilience, and digital innovation, the fund promotes inclusive growth and job creation for young people, especially marginalized groups.
SMEs ready to scale their impact are encouraged to apply by November 22, 2024.
Frequently Asked Questions (FAQs)
- Who can apply for the Agribusiness Challenge Fund?
- SMEs in agriculture, climate impact, or digital economy sectors within the 20 eligible Sub-Saharan African countries can apply.
- What kind of support is provided by the Challenge Fund?
- Selected SMEs receive grants between $500,000 and $2.5 million over three years, along with tailored technical assistance.
- How are funding amounts determined?
- The funding amount is determined based on the business’s development stage, scalability, and alignment with FRP goals.
- What is the application deadline?
- The application deadline is November 22, 2024.
- How can I apply for the Challenge Fund?
- You can apply by visiting the Mastercard Foundation Agribusiness Challenge Fund’s official application portal and submitting the required documents.