UN’s Food and Agriculture Organisation (FAO) and MasterCard have united to create inclusive payment systems to support small-scale farmers and poor families that practise agriculture
The agreement was signed by FAO director general José Graziano da Silva and MasterCard vice-chairman Walt Macnee.
“This partnership truly shows that the private sector is a key ally in global efforts to build a world with zero hunger. FAO is extremely proud of this collaboration with MasterCard that will support small-scale farmers to become economically independent by advancing financial inclusion,” said da Silva.
The collaboration will aim to explore ways to provide credit or cash to households for the purchase of basic items and farming inputs on local markets, supporting local economies and providing them tools.
The joint effort will be put to test at Kenya’s Kakuma refugee camp, following which it will be implemented elsewhere, based on results, said FAO.
The effort will benefit from the strengths of each organisation – MasterCard’s expertise in payments technology and FAO's global reach and track record in combating hunger and malnutrition, added the UN body.