Mastercard has partnered Rabobank to grant one million farmers in emerging markets access to financial inclusion tools. Rabobank is an international financial services provider that operates based on cooperative principles. The initiative will leverage Mastercard’s Farmer Network and Rabobank’s expertise to reach the food and agricultural sectors in Europe, Africa, and Asia.
The partnership was signed at the advisors’ meeting of the CEO Partnership for Economic Inclusion earlier in 2019. It was signed in the presence of Her Majesty Queen Máxima of the Netherlands.
The partnership will see Mastercard and Rabobank spread the reach and impact of the Mastercard Farmer Network across Uganda, Tanzania, Kenya, Ghana, Egypt, and India. This will provide access to market information, finance and management skills for smallholder farmers in these countries.
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The Mastercard Farmer Network was launched in 2015 and since its inception, the platform has impacted over 250,000 farmers in Uganda, Tanzania, and India. The platform connects small-scale farmers with potential buyers and grants them access to mobile payment tools. It also helps farmers build a digital transaction record, which they will leverage to access credit from financial institutions.
According to Arjan Bol, Mastercard’s Netherland country manager, Mastercard envisions a world where economic growth is inclusive. He noted that Mastercard Farmer Network contributes to this vision, as it offers a digital platform that makes it safe and seamless for small-holder farmers to scale their business. He said the partnership with Rabobank will help them create more impact, and also get the digital economy to work globally.
Wiebe Draijer, CEO Rabobank said they believe sustainable partnerships in the food and Agric value chain are key to ensuring food security in the future. He stated that the partnership will create a unique opportunity lots of farmers to access formal economy and financial services. He also noted that the partnership will address their goal to boost financial inclusion in the agri-sector and contribute to their Banking for Food strategy.
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