letsbesttuto letsbesttutoThe Mastercard Foundation, established in 2006, is a prominent international non-governmental organization headquartered in Toronto, Canada. It was created through a generous donation of 13.5 million shares by Mastercard Incorporated during its initial public offering, marking a significant commitment to philanthropy. Despite sharing its name with Mastercard, the Foundation operates as an independent entity with its own Board of Directors and management team, focusing on advancing education and financial inclusion to empower young people, particularly in Africa and Indigenous communities in Canada.
Over the years, the Mastercard Foundation has evolved into one of the world’s largest charitable foundations with assets reported at $47 billion as of 2024. This substantial endowment enables the Foundation to undertake extensive programs aimed at reducing poverty and promoting economic growth.
A cornerstone of its initiatives is the Young Africa Works strategy, launched in 2018 which aims to enable 30 million young people in Africa, especially young women, to secure dignified and fulfilling work by 2030.
The Foundation’s governance is characterized by a commitment to independence and strategic leadership. Its policies, operations and program decisions are determined by its Board of Directors and leadership team, ensuring alignment with its mission and values.
The Foundation has established offices in several African countries, including Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar and Addis Ababa, to facilitate closer collaboration with local partners and communities. This decentralized approach underscores its dedication to addressing youth unemployment and fostering economic opportunities across the continent.
With its headquarters in Toronto, Canada, the Mastercard Foundation has long stood as a powerful force for educational empowerment and social impact, focusing primarily on Sub-Saharan Africa. Guided by a vision for a world where every individual has the chance to learn and thrive, the Foundation builds partnerships with educational institutions and non-governmental organizations (NGOs) to drive financial inclusion and empower youth.
A testament to this mission is the Mastercard Foundation Scholars Program at the University of Toronto (U of T) which provides talented African students with a fully funded opportunity for graduate education.
The Africa Health Collaborative
The Scholars Program gains strength from the Africa Health Collaborative, a pioneering initiative that connects U of T with eight prominent African universities. This collaborative network is dedicated to advancing health sector education and boosting employment opportunities with a special focus on empowering women in Africa. Partner institutions in this network include:
- Addis Ababa University
- Ashesi University
- African Institute for Mathematical Sciences
- African Leadership University
- Amref International University/Amref Health Africa
- Kwame Nkrumah University of Science and Technology
- Moi University
- University of Cape Town
This alliance enhances the program’s mission of uplifting African health systems by preparing a new generation of skilled health professionals who are equipped to address pressing health challenges across the continent.
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Why the University of Toronto?
Ranked among the world’s top research-intensive universities, the University of Toronto offers an academic environment that fosters discovery, innovation and leadership across various fields. Students at U of T benefit from a collaborative culture that encourages them to become problem solvers and leaders equipped to confront global challenges.
Degree Level
The University of Toronto Mastercard Scholarship for 2025, a fully funded opportunity, is open to prospective students interested in pursuing Master’s level programs at U of T. This scholarship program focuses on equipping future leaders with the expertise needed to drive health sector improvements across Africa.
Available Programs
Applications are open for graduate-level programs in health and allied disciplines. The following master’s programs are eligible under the Mastercard Foundation Scholars Program at U of T:
- Master of Occupational and Environmental Health
- Master of Social and Behavioural Health Sciences
- Master of Health Administration
- Master of Financial Insurance
- Master of Engineering (Biomedical)
- Master of Biotechnology (commencing in May 2026)
These graduate programs aim to provide scholars with the tools to make meaningful contributions to healthcare systems in Africa, fostering innovation and inspiring positive change in their communities.
Benefits of the Scholarship
The Mastercard Foundation Scholars Program at the University of Toronto goes beyond the scope of a traditional scholarship. It embodies a commitment to the future of African students who are driven to make a difference in their communities. The program offers a comprehensive financial support package for its scholars which covers:
- Travel Costs – Full coverage of travel expenses between Canada and the student’s home country, including passport and visa application fees.
- Tuition Fees – Complete tuition for the duration of the graduate program.
- Accommodation and Food – Housing and meal allowances to ensure a comfortable living environment.
- Health Insurance – Full health coverage to ensure scholars maintain their well-being throughout their studies.
- Academic Supplies – Provision of a laptop and other learning resources to support scholars in their academic journey.
Through access to top-tier facilities and expert faculty at the University of Toronto, scholars are well-positioned to excel in their studies and prepare for impactful careers in their home countries.
Eligible Nationalities
The scholarship program is open to students from African countries who demonstrate a passion for improving healthcare systems and driving positive change in their communities.
Eligibility Criteria
Graduates of the Mastercard Foundation Scholars Program are expected to bring their skills and knowledge back to their home countries where they can make valuable contributions to health sectors. Many of these scholars pursue diverse careers within the healthcare industry, advancing public health initiatives, fostering innovation and supporting sustainable growth within their communities.
The program places a high value on academic excellence, community service and the professional development of its participants.
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Application Process
The 2025-2026 application cycle for the Mastercard Foundation Scholars Program is now open with applications due by November 4, 2024, at noon (Toronto time). Prospective applicants are encouraged to review the six eligibility requirements detailed in the official program announcement.
To initiate the application process, eligible candidates should reach out to the program via email at mcf.cie@utoronto.ca to request the supplementary scholarship application form. Applicants should include details regarding their graduation from one of the Africa Health Collaborative Partner universities. This approach strengthens the connection between scholars and key educational institutions across Africa, ensuring an extensive support network throughout their studies.
The Mastercard Foundation Scholars Program at the University of Toronto offers an exceptional opportunity for African students who are passionate about health sciences and healthcare management. By offering full financial support and fostering an environment of academic collaboration, the program empowers scholars to make a meaningful impact in their communities upon returning home.
Here are 10 frequently asked questions (FAQ) about the Mastercard Foundation, its programs and scholarships:
What is the Mastercard Foundation’s primary mission?
The Mastercard Foundation’s mission is to advance education, financial inclusion and employment opportunities for young people, especially in Sub-Saharan Africa, to help alleviate poverty and promote sustainable development.
How does the Mastercard Foundation Scholars Program work?
The Scholars Program offers fully funded scholarships to talented young people, primarily from Africa, enabling them to pursue education in top universities around the world. It provides financial support as well as mentorship and leadership training.
Who is eligible for the Mastercard Foundation Scholars Program?
The program is open to academically talented students from economically disadvantaged backgrounds, primarily in Africa. Eligibility criteria vary depending on the partner institution and program level (undergraduate or graduate).
What expenses does the Mastercard Foundation Scholars Program cover?
The scholarship typically covers tuition, accommodation, travel expenses, health insurance, academic materials and sometimes provides a living stipend, ensuring a comprehensive financial support package.
How can I apply for the Mastercard Foundation Scholars Program?
Applications must be submitted directly through the partner universities that administer the program. Each partner institution sets its own application process and eligibility requirements, which are outlined on their official websites.
What is the Africa Health Collaborative?
The Africa Health Collaborative is an initiative within the Scholars Program that partners with universities across Africa to strengthen health sector education and employment opportunities, particularly for women, within African healthcare systems.
Does the Mastercard Foundation have partnerships with universities globally?
Yes, the Foundation partners with many universities across North America, Africa and Europe, providing scholarships to students through these institutions to support higher education and skill development.
Can Mastercard Foundation Scholars stay and work abroad after graduation?
Scholars are encouraged to return to their home countries after completing their studies to contribute to local development, though some may find opportunities abroad that align with the Foundation’s objectives.
What is the Young Africa Works initiative?
Young Africa Works is a Mastercard Foundation strategy aimed at helping 30 million young people, especially women, secure dignified and fulfilling employment across Africa by 2030, through partnerships and training programs.
How can I contact the Mastercard Foundation for more information?
Interested individuals can visit the Mastercard Foundation’s official website at mastercardfdn.org or email them at info@mastercardfdn.org for inquiries regarding programs and partnerships.
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