The Mastercard Foundation has committed to impact startups in Senegal through its Young Africa Works Initiative. The $200 million worth initiative was launched in Senegal to provide 3 million youths with employment by 2030.
The Mastercard Foundation’s Young Africa Works Initiative aims to enable 30 million youths – 70% women – access fulfilling work. Mastercard made an initial five-year commitment of $200 million. The fund will be used to impact SMEs, agribusinesses, as well as creating educational awareness.
Mastercard’s Young Africa Works Initiative will do the following in Senegal:
- Enable the growth of startups by increasing access to finance and supporting innovation hubs, incubators, and accelerators,
- Provide youths in the informal sector with certification programs and income opportunities,
- Help teachers and instructors with competent teaching methods and materials for technical and vocational training courses
See also: Mastercard to Push Employment in Ghana via Young Africa Works
The initiative was first launched in Rwanda last year. It encompasses entrepreneurship programs to help small and medium-sized enterprises to attain greater productivity and growth opportunities.
The initiative is part of Mastercard’s community development programs in Africa. It aims to transform the system and create the right conditions for the economic inclusion of African youths. Mastercard plans to extend the initiative to 10 other African countries.
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