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Mastercard Africa digital ID scheme to benefit from $50M of DFC funding to its partners

Mastercard Africa digital ID scheme to benefit from $50M of DFC funding to its partners
 

Mastercard’s Community Pass is set for a boost as the U.S. International Development Finance Corporation (DFC) seeks to support investments up to $50 million in financial institutions and service providers that work with the payment firm’s Community Pass network.

Community Pass covers a range of products such as Farm Pass and Commerce Pass which aim to help typically rural communities circumnavigate infrastructure issues by providing a ready-made network built on biometric ID saved to a smartcard.

This funding is specifically for Africa where Community Pass is operational in Mauritania, Uganda, Kenya, Tanzania and Mozambique. It is also running in India and the network is on track to issue digital ID to 15 million people in APAC as part of its goal for 30 million overall Community Pass users globally by 2027.

DFC partners with the private sector to invest in energy, healthcare, infrastructure and technology.

The Community Pass venture with African fintech firm Paycode is capturing the face and palm biometrics of up to 30 million individuals in remote parts of Africa to provide them with a digital identity and bank account. It is already a year into that three-year plan.

“The Community Pass platform enables businesses, governments, and NGOs to service rural and frequently offline communities. For example, farmers can access quality seeds, fertilizers, and buyers, as well as payments and credit,” comments Tara Nathan, Mastercard executive vice president of humanitarian and development.

“Our partnership with DFC exemplifies how funding from the public sector, combined with technology and expertise from the private sector, can create a whole that is greater than the sum of its parts.”

Scott Nathan, CEO at DFC comments: “DFC and Mastercard’s work in bolstering financial inclusion and improving access to digital tools will help make progress toward our shared goal of bridging the digital divide.”

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