MasterCard offers $500m scholarship to 15 thousand African youth

The Company is interested in the education of future African leaders.

The MasterCard Foundation has said it has set up a $500 million (N75 billion) scholarship fund for talented but economically disadvantaged young people in Africa to access quality secondary and university education.

The President of the MasterCard Foundation, Reeta Roy, said on Thursday that about 15 thousand talented young Africans would benefit from the programme.

“We know that education will lead to prosperity in Africa. To sustain the continent’s progress, we must educate its future leaders and create a skilled workforce for the global economy,” Ms. Roy said during the Entrepreneurship in Africa Summit under way in the Ghanaian capital.

She said the foundation was partnering with some American universities and non-profit organisations to educate and develop Africa’s next generation of leaders. According to her, the scholarship will provide students with financial support for fees, uniforms, books, transportation, accommodation and stipends.

Ms. Roy said the programme would provide beneficiaries with the knowledge and leadership skills needed to engender change and contribute to economic and social progress across Africa. She further said that the students would benefit from skills training in areas relevant to employment success such as critical thinking, communications, and entrepreneurship.

According to her, the beneficiaries will also receive support during their transition into secondary school, university or the workforce; with mentoring, career counseling, internships, leadership development and coaching in other skills

An integral component of the programme is the commitment from the students to give back to their communities and countries of origin, she added.