MasterCard has announced a collaboration with Grameen Foundation on AppLab Money. This is an initiative designed to create mobile financial services products for the unbanked and under-banked in Kenya. Grameen Foundation will work with Jamii Bora Bank to research, design and test products that will be delivered through Jamii Bora’s extensive operations across the country.
Commenting on the alliance, James Wainaina, Vice-President and Area Business Head, MasterCard East Africa said: “Today around 2.5 billion people – or roughly half of the world’s adult population – lack access to credit, insurance, savings accounts, and other formal financial services. Our vision for Africa is to see cashless transactions bridge the gap for the financially disenfranchised. Our work with partners such as Grameen Foundation and Jamii Bora, with whom we share a common vision to extend financial services to the unbanked and under-banked in Kenya, will help us achieve that.â€
Grameen Foundation works globally to create and scale financial products with the poor, through partnerships with financial institutions, telecom operators and payment technology firms.
Erin Connor, Kenya Country Director, Grameen Foundation commented further: “Our aim is to demonstrate how appropriately designed financial products can improve the lives and livelihoods of the poor by reducing risk, improving financial security and increasing income. We are pleased to be working with institutions such as MasterCard and Jamii Bora that are already working across all levels of the consumer value chain to deliver inclusive financial products and services.â€
AppLab Money Kenya is funded by MasterCard and philanthropists Craig and Susan McCaw through the “Craig and Susan McCaw Technology for Development Challenge.†The McCaw challenge grant supports initiatives that help to push the frontiers of mobile technology in developing the next generation of financial products designed to help the poor.
AppLab Money Kenya is part of an innovative approach that focuses on developing, testing and scaling the next generation of breakthrough products and services tailored to meet the financial needs of the poor. This involves combining technology-enabled innovation derived by engaging designers, researchers and commercial analysts to help various partners understand the needs of the poor, enabling the development of relevant, scalable solutions. Grameen Foundation operates a similar initiative in Uganda and plans to extend the AppLab Money model to other parts of Sub-Saharan Africa.