How To Apply For Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) Program
The Mastercard Foundation in collaboration with the CCHub Nigeria Enterprise, MDF Global, Concree, Scale-up, Savannah Innovations Lab and a list of some other partnering companies and business enterprises have announced a new innovative idea of how to support young entrepreneurs and business start-ups to become managers of their own through this newly rolled out program. This blog post will help guide interested applicants to know How To Apply For Mastercard Foundation Fund for Alumni Start-ups in Transition.
This new program that the MasterCard Foundation has rolled out is called the Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) program. This is mainly for a set of alumni network group support who are currently part of their program or wish to join the program newly from different African countries where the Mastercard Foundation has set its bricks such as Ghana, Nigeria, Kenya, Rwanda, Senegal, Uganda and so on.
The Mastercard Foundation Fund for Alumni Start-ups in Transition will support and empower youths with great business ideas to bring their ideas into reality and fruition. The Mastercard Foundation FAST program will be supporting each youth with brilliant self-sustaining business ideas with the sum of $15,000 to build up their brand and also see that it is serving the needs of the people in the society at large.
This support will also help boost the economy and the GDP of the African nation just with an idea that emanates from youths with brilliant futures.
What is a Mastercard Alumni Network?
The Mastercard Foundation Alumni Network is a youth-led hub spread across Africa that is organised and set to drive common social networking among youths from Mastercard support countries. This Alumni Network also help to connect youths from different professional backgrounds to see how to create an impactful economic community.
The Mastercard Foundation Alumni Network is a youth impact that includes different facets and groups which include the Young African Leaders Initiative (YALI), The Mastercard Foundation Baobab Platform, Ashoka, The Youth Think Tank (YTT), the Mastercard Scholars Program, The Anshiza Prize, and the Youth Forward Initiative.
In time to come, Mastercard Foundation is planning to expand the Alumni network group to help improve the social and economic network in African Youth circles.
The Mastercard Foundation Scholars Program
The Mastercard Foundation Scholars Program is a program with a significant impact on the lives of young Africans and other talented individuals worldwide. By providing access to higher education and leadership development opportunities, the program is empowering the next generation of leaders to drive positive change in their communities and beyond.
The program’s focus on inclusivity, relevance, and service-oriented leadership is particularly noteworthy. By working with education institutions, NGOs, and the Scholars community, the Mastercard Foundation is creating a supportive ecosystem that fosters holistic growth and development.
The ultimate goal of the program is to help enable young people to lead transformative lives is both inspiring and ambitious. It’s a testament to the program’s commitment to creating a brighter future for individuals, communities, and society as a whole.
Who Is Eligible For The Mastercard Foundation Fund
The Mastercard Foundation Fund for Alumni Start-up in Transition is open to students who are prospective candidates for the Mastercard Alumni Program. Then you can check with these eligibility criteria to see if you qualify. The following are the eligibility requirements:
- The Mastercard Foundation is mostly awarded to individuals with proposed or already established business ideas and plans. The business shares must be owned mostly by an alumni of any of the Mastercard Foundation Scholars Program.
- The Applicants must be able to communicate in English Language, Arabic, French Portuguese or Spanish because they will be engaged in a coaching program.
- Women in business, refugees and internally displaced persons and those with disabilities are highly encouraged to apply for the programmes.
- You must be located in any of the qualifying countries
- The business must be owned or co-owned by anyone who is over the age of 34.
- Your business or enterprise must be a for-profit one. No NGO or non-profit organisation is accepted into the program.
How Much Is The Scholarship Reward
The Mastercard Foundation (FAST) program provides financial support to young entrepreneurs in two basic stages of their business journey.
- The Basic Idea Phase: In this stage, the applicant will be provided with up to $5000 to help them brainstorm and recreate their ideas into reality.
- The Build-up Phase: In this stage, the applicant can access from $10,000 to $15, 000 to help them begin the business idea and transform them into an organisation of their choice.
How To Apply For Mastercard Foundation Fund for Alumni Start-ups in Transition
The Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) program is now accepting applications from eligible entrepreneurs. If you’re an alumnus of the Young Leaders Initiative (YALI), African Leadership Academy (ALA), Anzisha Prize, or the Mastercard Foundation Scholars Program, this opportunity is for you.
To apply for the Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) program, follow these steps:
- The first step is to create an account with The Mastercard Foundation Baobab Program and become a member. You can do so by visiting the Baobab Program Website
- Once you become a member, you will be able to generate your Baobab User ID which can be found on the Account page of your Baobab profile.
- Fill in your details afterwards in the Mastercard Application Portal. Click here to enter
- Once you get to the country of residence, if you are currently based in Rwanda or looking to establish your business in Rwanda, you can use this link to continue your application. Click Here
- If you are a Mastercard Alumni Foundation Scholar alumni, you can indicate the institution that you have attended.
- You will have to choose if your business is a for-profit or a non-profit/NGO organisation because a non-profit and NGO does not qualify for the scholarship.
Deadline For Scholarship Submission
The Mastercard Scholarship will run from the 12th of August 2024 to the 15th of September, 2024. All applicants are expected to submit their applications before the deadline date. To make enquires, refer to the Mastercard Foundation mail
