Launched in 2012, the Program began as a USD$500 million initiative to develop the next generation of leaders who would drive social and economic transformation. The Program identifies talented young people from economically disadvantaged and hard-to-reach communities and supports their secondary and higher education and leadership development.
Initially, the Program aimed to serve 15,000 young people. Over the past decade, Mastercard Foundation has disbursed USD$1.7 billion through the initiative to benefit nearly 40,000 young people, of which more than 72% are women. To date, 18,544 young people have graduated from high school and college.
Through a network of extraordinary partners, the Mastercard Foundation Scholars Program enables thousands of bright, deserving young people to access quality education and develop as leaders who give back to their communities and help improve the lives of others. Mastercard Foundation Scholars and alumni are leaders and innovators; activists and entrepreneurs; addressing everything from climate change to health inequality.
Their collective impact will be felt for generations to come,” says Reeta Roy, president and CEO of the Mastercard Foundation.
According to a 2020/2021 survey of a sample of Program alumni, 87% of high school graduates and 71% of college graduates are employed. Where alumni have become entrepreneurs, they have collectively created more than 16,000 jobs.
In addition, 40% of college graduates say they now support their siblings’ education. Importantly, Mastercard Foundation grantees unanimously express a strong commitment to giving back to their communities, and it is a core principle of the Program. During their training, each person creates or participates in a project, which addresses a specific challenge in their communities.
Over the next decade, the Mastercard Foundation Scholars Program will double its reach to support a total of 100,000 young people, 70% of whom will be young women. It will also devote more attention to the inclusion of disabled and forcibly displaced youth.
