The partnership between the Mastercard Foundation and the United Nations Investment Agency (Uncdf) has
enabled countries such as Benin, Senegal and Zambia to improve financial inclusion.
In 2014, the Mastercard Foundation and the United Nations Investment Agency (Uncdf) formed a
partnership to replicate a proven development model in the Pacific: adopt a market development approach to foster digital financial inclusion.
With this partnership, Uncdf was able to develop the Mobile money for the poor (Mm4p) program in
markets where digital financial services were almost non-existent.
"In 2014, East Africa was the pioneer of digital finance, especially Kenya and Tanzania.
However, the Mastercard Foundation and Uncdf have chosen to work in West Africa, in three countries
where the rates of use of these services were very low: Benin, Senegal and Zambia.
Five years later, the figures speak for themselves: Benin has seen the rates of utilization of financial services
from 2% to 40%, Senegal from 13% to 29% and Zambia from 4% to 44%.
Behind these figures lies the story of millions of people who were financially included and who were not
not five years ago," said a statement received in the Journal de l'économie sénégalaise (Lejecos).
"In 2015, Birane was 19 years old and struggling to find a job in her village of Keur Gaye in Nioro du Rip.
Today, it is a young "mobile money" agent who provides financial services to 5 surrounding villages
thanks to an Intouch application developed with the support of the Mm4p.
program His rigor and diligence in managing other people's money quickly allowed him to acquire the
trust of the villagers and a clientele that allows him to support himself, and to save for de
new activities in agriculture, "informs the same source.
At the same time, in Zambia, Elase was caught in the "cash" gear with little choice, outside
informal solutions, to save and transfer money.
After opening her mobile money account, she started saving to open her first kiosk
and distribute digital financial services.
Today it is a "mobile money" agent and manages four kiosks and several cashiers. She was able
develop its business after receiving an unsecured loan from FINCA, a partner of the program. Sound
activity is growing and she feels independent as a professional and in her life.
The story of Pierrette, it is explained, a micro-entrepreneur in Benin, illustrates another change instilled
by digital finance.
"My business has tripled," she says, since she was able to save time and money with her phone
mobile. It places its orders through WhatsApp, pays its suppliers based in the north of the country and
repays his ALIDé loan with his MTN Mobile Money account.