CARE International in Pakistan (CIP) and Mastercard have launched ‘Ignite’, the small business program in support of the Pakistan Government’s National Financial Inclusion Strategy (NFIS). Ignite was launched in a simple but impressive ceremony recently, presided over by Senator Dr. Sania Nishtar, Special Assistant to the Prime Minister.
The program is a part of a global collaboration between CARE and the Mastercard Center for Inclusive Growth. In the next 3 years, it is expected to impact 397,000 entrepreneurs, their employees, and family members with capacity and skills building.
It will help accelerate the growth of 45,000 entrepreneurs by unlocking access to credit and will mentor 3,000 entrepreneurs concentrating on digital skills and tools. It is expected to reach an additional 2 million entrepreneurs through the outreach campaign by creating awareness and understanding around formal and digital financial services.
The program has been rolled out with several local partners including U-Bank – its financial service provider, White Rice – a behavioral design firm, and Mera Maan – a social enterprise focused on capacity building and enterprise development.
Senator Dr. Sania Nishtar appreciated the efforts of CIP, Mastercard Center for Inclusive Growth, and project partners on their synergistic efforts to focus on women’s economic empowerment and financial literacy.
She reiterated the government’s priority to lift people out of poverty towards sustainable livelihoods, especially for women. She also indicated the need to explore avenues for support and partnership from the government for such initiatives.
“Through the work of the Center for Inclusive Growth, Mastercard’s social impact arm, we continue to help address barriers to enable entrepreneurs to grow and become more resilient. Ignite will provide growth-orientated small businesses with the tools they require to grow so that they can continue to strengthen the economy and catalyze job creation,” said Natasha Jamal – Vice President, Middle East, and Africa, Mastercard Center for Inclusive Growth.
As the COVID-19 pandemic accelerates the move towards a digital economy, women risk being left further behind without tailored support and digital tools. To ensure they can survive and thrive in the digital economy, ‘Ignite’ will ensure that at least 30% of entrepreneurs supported are females.
By facilitating access to capital, digital tools, and skills, the program will foster a supportive and empowering environment for women entrepreneurs.
The Country Director of CARE International in Pakistan (CIP), Adil Sheraz, said, “Our primary focus has always been to promote women’s economic empowerment through accessible financial resources and increased business skills, and CIP has implemented various projects to address challenges around equal access to and control of economic assets.”
“Our empowerment projects in Pakistan aim to unleash the power of growth-oriented entrepreneurs and contribute to a resilient and inclusive economy. ‘Ignite’ is a transformational project enabling financial and technological access for entrepreneurs, especially women, and will positively impact millions of people,” he added.
Last year, Mastercard committed $250M to support small businesses around the world and made a global commitment to provide 25 million women entrepreneurs with digital solutions that can help them grow their businesses by 2025.
CARE International believes in taking a market-based approach to service delivery that is sustainable and scalable, by working closely with local service providers. These partnerships open up much-needed access to financial and digital resources, whilst building entrepreneurs’ business capacity and networks.