Grant and Funding Programs Offered by The MasterCard Foundation (MCF)
Overview of Available Grants and Funding
The Mastercard Foundation is a large private philanthropic foundation that funds programs to advance education, financial inclusion, health, and youth employment, particularly for young people in Africa and Indigenous youth in Canada. It offers multiple grant, scholarship, and investment initiatives delivered through partner institutions and organizations. View The MasterCard Foundation (MCF)'s website for more information.
Content last updated: March 6, 2026
About The MasterCard Foundation (MCF)
What is the mission of The MasterCard Foundation (MCF)?
The Mastercard Foundation’s mission is to advance learning and promote financial inclusion so that young people in Africa and Indigenous youth in Canada can access dignified and fulfilling work, with a strong focus on young women, refugees and displaced persons, and people with disabilities.
What type of organization is The MasterCard Foundation (MCF)?
The MasterCard Foundation (MCF) is a Foundation.
When was The MasterCard Foundation (MCF) founded?
The MasterCard Foundation (MCF) was founded in 2006.
What is The MasterCard Foundation (MCF)'s official website?
The MasterCard Foundation (MCF)'s official website is https://mastercardfdn.org/en/.
What else should I know about The MasterCard Foundation (MCF)?
Role of Mastercard Foundation in the funding ecosystem
The Mastercard Foundation is one of the world’s largest private foundations, created in 2006 with an endowment from Mastercard but operating as an independent, non-profit organization. It focuses on enabling young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work by funding large-scale programs in education, skills development, financial inclusion, health, and entrepreneurship. The Foundation does not work directly with individuals in most cases, but channels its financial support through universities, NGOs, public institutions, and ecosystem partners.
Funding themes and main program families
The Foundation’s portfolio is structured around several strategic pillars. Under the Young Africa Works strategy, it finances initiatives that improve the quality of secondary, tertiary, and vocational education; expand digital and technical skills; and enable entrepreneurs and small businesses to grow through access to finance and business support. The Mastercard Foundation Scholars Program is a flagship scholarship initiative that has already committed more than 57,000 scholarships for talented young Africans, covering tuition, accommodation, learning materials, and wraparound support.
In Canada, the EleV program partners with Indigenous-led organizations, post-secondary institutions, and communities to transform education and employment systems for First Nations, Inuit, and Métis youth. This includes major grant commitments, such as USD 235 million awarded to 30 post-secondary institutions and organizations recognizing their impact in education for Indigenous youth.
The Foundation also funds thematic initiatives like Saving Lives and Livelihoods, a multibillion-dollar partnership with Africa CDC to secure vaccines, strengthen public health systems, and build vaccine manufacturing capacity in Africa, as well as sectoral funds and facilities (e.g., Africa Growth Fund, Africa Catalytic Investment Facility) that blend grant-making with catalytic investment capital.
Types of financial support
Across its programs, the Mastercard Foundation provides a mix of grant-based and programmatic funding:
- Scholarships and bursaries for secondary, undergraduate, and master’s students through partner universities and NGOs.
- Institutional and systems-change grants to universities, colleges, Indigenous organizations, NGOs, and multilateral institutions to redesign education and employment pathways.
- Entrepreneurship and SME support, such as the FAST program, which offers early-stage entrepreneurs access to funding (with typical disbursement ranges by stage), business development training, and mentorship.
- Health and resilience funding for vaccine procurement, workforce training, laboratory and cold-chain infrastructure, and health-system strengthening.
- Research and learning grants to generate evidence on youth employment, education, digital innovation, agriculture, gender, and inclusion.
General eligibility and access pathways
The Foundation typically does not accept unsolicited project proposals. Instead, it works through carefully selected partners whose missions align with its strategy. Students interested in the Scholars Program must apply directly to partner institutions, which manage selection and scholarship administration. Entrepreneurs seeking support under dedicated funds like FAST apply through structured calls and online application forms. For large initiatives such as Saving Lives and Livelihoods, implementing partners are recruited via public and transparent processes, often coordinated by entities like Africa CDC.
Publics served and overall impact
The primary beneficiaries are young people in Africa and Indigenous youth in Canada, with a strong emphasis on young women, refugees and displaced persons, and people with disabilities. The Foundation reports having supported millions of youth in work opportunities since 2017 and backing more than 1,100 programs across nearly 40 African countries and Canada. Through its long-term strategies, it aims to enable 30 million young Africans and 100,000 Indigenous youth in Canada to access education and livelihoods by 2030.
Transparency, governance, and accountability
The Mastercard Foundation publishes information about its strategy, focus areas, programs, and financials on its website. An independent Board of Directors and a leadership team based in Africa and Canada oversee policies and program decisions. The Foundation shares research reports, evaluation findings, and impact stories, contributing to sector-wide learning on youth employment, inclusive growth, and systems change.