The Mastercard Foundation Fund for Resilience and Prosperity is offering a golden opportunity for African entrepreneurs in the agribusiness sector. The Agribusiness Challenge Fund by Mastercard, launched as part of this initiative, aims to empower Small and Medium-sized Enterprises (SMEs) across Africa by providing them with the necessary resources to scale up their operations, particularly in the agriculture sector. This is a significant chance for African startups to grow and contribute to sustainable development while creating job opportunities for young men and women across the continent.
Overview of the Agribusiness Challenge Fund by Mastercard
The Agribusiness Challenge Fund is designed to support innovative agribusiness ventures that focus on agriculture and agribusiness. This rolling call for proposals runs from March 18, 2024, to November 22, 2024, with three key application periods, referred to as “harvest periods.” SMEs from any country can apply, provided their projects meet the eligibility criteria and are implemented in one of the 20 focus countries targeted by the Fund.
Grants offered by the Fund range from US$ 500,000 to US$ 2,500,000 and are disbursed over three years. The allocation depends on the applicant’s stage of development, scalability, and business model. In addition to financial support, successful applicants will receive tailored technical assistance to help them achieve their business goals in line with the Fund’s objectives.
Focus Areas of the Agribusiness Challenge Fund by Mastercard
The Agribusiness Challenge Fund prioritizes a broad range of categories within the agriculture value chain. Key areas of interest include primary production, processing and aggregation, trading, and market linkages. Businesses working in these areas are encouraged to apply for this incredible opportunity.
Moreover, the Fund is also keen on projects that promote work creation in the following sectors:
- Forestry
- Fishing
- Horticulture
- Plant breeding
- Agro input supplies
- Cash crops: cocoa, cotton, coffee, tea
- Fruits and vegetables
- Livestock: dairy, beef, goats, pigs, poultry
- Solar-powered agricultural tools
- Early warning systems
- Climate-resilient crop varieties
- Food storage and preservation
- Farmer training on adaptation techniques
- Crop insurance services
- Smart irrigation systems
- Organic fertilizers
- Bioenergy production and fossil fuels
The Fund encourages applicants to integrate climate adaptation, climate mitigation, or digital solutions into their projects to enhance sustainability and innovation.
Eligibility Criteria for the Agribusiness Challenge Fund by Mastercard
To qualify for the Agribusiness Challenge Fund, applicants must meet specific eligibility criteria. The criteria include:
- Sector Focus: SMEs must be engaged in the agriculture sector.
- Business Status: Only for-profit Small or Medium-sized Enterprises are eligible.
- Geographical Implementation: The business must be operational in at least one of the 20 focus countries in Africa.
- Funding Request: Applicants should seek grant funding between US$ 500,000 and US$ 2,500,000, to be disbursed over three years.
- Matching Contribution: A matching contribution of at least 30% of the total project cost is required.
- Social Impact: The business must be innovative, practical, and scalable, with a focus on creating work opportunities for young women and men, including those with disabilities or refugee youth.
- Compliance: Adherence to human rights, labor standards, and environmental laws is mandatory.
Businesses must also ensure they are not involved in activities related to terrorism or supporting terrorist actions.
Selection Criteria
Applications submitted to the Agribusiness Challenge Fund will be evaluated based on several criteria:
- Project description and objectives
- Alignment with the Fund’s priorities
- Project impact and scalability
- Financial planning and matching funds
- Team structure and expertise
- Additionality and innovation
Only the most promising and impactful projects will be selected to receive funding and support from the Mastercard Foundation Fund for Resilience and Prosperity.
Important Dates to Remember
Here are the key dates to keep in mind for the Agribusiness Challenge Fund:
- Launch Date: March 18, 2024
- Harvest 1: June 7, 2024
- Harvest 2: August 30, 2024
- Harvest 3: November 22, 2024
The final deadline for submission is November 22, 2024, marking the end of the challenge. Applications received after this date will not be considered.
How to Apply
Entrepreneurs interested in participating in the Agribusiness Challenge Fund can submit their applications through the following link: Click here
About the Mastercard Foundation Fund for Resilience and Prosperity
The Mastercard Foundation Fund for Resilience and Prosperity is an extension of the highly successful Fund for Rural Prosperity, established in 2014. The initial phase supported 38 participants across 15 African countries, helping them develop and scale financial products aimed at rural populations, especially smallholder farmers. This initiative significantly improved financial access for over 5.3 million people, far exceeding its original goal.
Building on these successes, the Mastercard Foundation launched the Fund for Resilience and Prosperity in 2023. With a budget of US$ 126 million over seven years, this new fund focuses on empowering SMEs in the agriculture, climate adaptation, and digital economy sectors across 20 countries in Sub-Saharan Africa. Its primary goal is to unlock business growth and create sustainable, dignified jobs for young people across the continent.
Discover More Opportunities
For more information on funding opportunities and other calls for projects for entrepreneurs, visit Dadupa Call for Projects.