Mastercard Foundation Opens Funding Applications for African Entrepreneurs
- The Mastercard Foundation has opened applications for the third FAST programme cycle, offering grants to young African entrepreneurs on the continent
- The initiative targets young and early-stage entrepreneurs across Africa, offering funding that ranges from about $3,000 to $15,000, depending on their stage
- Eligible applicants, who include alumni of programmes like YALI and ALA, will receive funds, as well as training, mentorship, and networking opportunities
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Mastercard Foundation has opened applications for the third round of its Fund for Alumni Start-ups in Transition (FAST) programme, aimed at supporting young entrepreneurs across Africa.
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Programme partners and objectives
According to a statement, FAST is implemented in partnership with organisations including CcHUB Nigeria, MDF Global, Concree, Scale Up, Savannah Innovations Lab, Centre for Enterprising Organisations, Inkomoko, and the Africa Leadership Academy.
The initiative is designed to empower the next generation of business leaders by offering enterprise support, business training, and access to a network of mentors and entrepreneurs.
"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," the statement read.
Eligibility and application details
The programme is open to aspiring entrepreneurs and individuals in the early stages of building their businesses.
It specifically targets alumni of programmes such as the Young African Leaders Initiative, African Leadership Academy, Anzisha Prize, and the Mastercard Foundation Scholars Program.
Applicants nearing graduation may receive provisional admission and join a later cohort after completing their studies. The application process is available in English, French, Portuguese, and Arabic.
Focus on inclusivity
The statement noted that the FAST programme prioritises inclusive participation, targeting young women, refugees, displaced persons, and individuals living with disabilities.
Funding structure and support
Funding under the programme will depend on the specific needs and 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 business ideas.
- Build Phase: Entrepreneurs may access an average of $12,500, with a maximum of $15,000, to develop viable business models.
Source: Getty Images
Beyond funding, participants will receive business development training and mentorship, as well as access to a network of like-minded entrepreneurs.
"Participants will gain access to funding, business development training, and a supportive network of like-minded entrepreneurs and mentors."
Nigerian EdTech startups can access $100,000 as CcHUB
Legit.ng earlier reported that applications for the 2026 EdTech Fellowship Programme are open, offering $100,000 in equity-free funding.
The EdTech Fellowship Programme is a 12-month acceleration initiative focused on helping startups refine their products, scale their impact, and build sustainable business models.
Organisers say the programme prioritises startups creating solutions for learners who are often left out of mainstream digital education systems. Focused on supporting underserved communities, the scheme enhances access to quality education through technology.
Source: Legit.ng
