MasterCard opens $500m scholars programme to empower Africa’s youth

The MasterCard Foundation has launched its MasterCard Foundation Scholars Programme, a $500 million education initiative that will provide talented yet economically disadvantaged students from developing countries – particularly from Africa with opportunities to study.

Launched late September 2012, the initiative, according to MasterCard, will offer a comprehensive support for the disadvantaged students in their secondary and university education.

The initiative is targeting to serve about 15,000 students across the continent.

In a statement, MasterCard explains the rationale behind the move and says “in order to sustain the continent’s rapid growth, it will be essential that its young people have the skills needed to participate in a competitive global economy.”

Reeta Roy, President and CEO of The MasterCard Foundation announced the Scholars Programme at a United Nations Special Session marking the launch of Education First.

The initiative is led by UN Secretary-General Ban Ki-moon and Special Envoy for Education Gordon Brown.

By Ekow Quandzie