Mastercard Foundation Opens Funding Applications for African Entrepreneurs
The Mastercard Foundation has officially opened applications for the third cycle of its Fund for Alumni Start-ups in Transition (FAST) programme. This significant initiative is designed to provide comprehensive support to young and early-stage entrepreneurs across the African continent, offering a blend of financial grants, specialized training, mentorship, and valuable networking opportunities.
Programme Partners and Strategic Objectives
FAST is implemented through a collaborative partnership with several prominent organizations, including CcHUB Nigeria, MDF Global, Concree, Scale Up, Savannah Innovations Lab, Centre for Enterprising Organisations, Inkomoko, and the Africa Leadership Academy. According to an official statement, the programme is strategically crafted to empower the next generation of business leaders by delivering robust enterprise support, intensive business training, and access to an extensive network of experienced mentors and fellow entrepreneurs.
The statement emphasized, "FAST supports and empowers the next generation of entrepreneurs by providing enterprise support and connecting participants to business development training and a supportive network of like-minded entrepreneurs and mentors."
Eligibility Criteria and Application Process Details
The programme is open to aspiring entrepreneurs and individuals who are in the early stages of building their businesses. It specifically targets alumni of prestigious programmes such as the Young African Leaders Initiative (YALI), African Leadership Academy (ALA), Anzisha Prize, and the Mastercard Foundation Scholars Program. Applicants who are nearing graduation may receive provisional admission and can join a later cohort after successfully completing their studies. To ensure broad accessibility, the application process is available in multiple languages, including English, French, Portuguese, and Arabic.
Commitment to Inclusive Participation
The Mastercard Foundation has highlighted that the FAST programme prioritizes inclusive participation, actively targeting young women, refugees, displaced persons, and individuals living with disabilities. This focus aims to ensure that diverse voices and perspectives are represented and supported within the entrepreneurial ecosystem, fostering a more equitable and dynamic business landscape across Africa.
Funding Structure and Comprehensive Support Phases
Funding under the FAST programme is tailored to the specific needs and developmental stage of each business, with not all participants guaranteed financial support. The initiative provides assistance in two main phases:
- Idea Phase: Participants can receive an average of $3,000, with up to $5,000 available to help refine and develop their business ideas.
- Build Phase: Entrepreneurs may access an average of $12,500, with a maximum of $15,000, to develop viable and scalable business models.
Beyond financial grants, participants will benefit from extensive business development training, personalized mentorship, and access to a supportive network of like-minded entrepreneurs. This holistic approach is designed to equip founders with the skills, resources, and connections necessary to build sustainable and impactful businesses.
Related Opportunities in the African Startup Ecosystem
In a related development, applications for the 2026 EdTech Fellowship Programme are also open, offering $100,000 in equity-free funding. This 12-month acceleration initiative focuses on helping startups refine their products, scale their impact, and build sustainable business models. Organizers note that the programme prioritizes startups creating solutions for learners who are often excluded from mainstream digital education systems, thereby enhancing access to quality education through technology for underserved communities.
