The Mastercard Foundation works with visionary organizations to enable young people in Africa and Indigenous youth in Canada to access dignified, meaningful, and fulfilling work.
Condia Insider: Mastercard Giveth, 54 Collective…?
54 Collective is facing liquidation after allegedly misusing over $42 million from a Mastercard Foundation grant. The group rerouted $4.59 million to its for-profit counterpart Founders Factory Africa without permission.
“Mastercard Foundation’s agreement was not terminated due to a breach,” Bongani Sithole, 54 Collective’s CEO
54 Collective, an early-stage venture studio, shut down in February 2025, laying off over 40 employees. Mastercard Foundation withdrew funding due to concerns over 54 Collective's rebranding and potential conflicts of interest.
African venture firm, 54 Collective, forced into liquidation over misused grant
The South African High Court provisionally liquidated 54 Collective following allegations of serious financial misconduct. The Mastercard Foundation disbursed over $42 million to the firm, which was initially registered as Africa Founders Ventures NPC.
CcHub, Mastercard Foundation Launch Third EdTech Fellowship Supporting 12 African Startups
CcHub and Mastercard Foundation announced the third cohort of the EdTech Fellowship program. 12 startups were selected, with 6 led by women, showcasing a commitment to diversity.
SolarNow Goes Dark: East Africa’s Solar Pioneer in Liquidation
SolarNow Services (K) Ltd was put into voluntary liquidation on 13 May 2025. The company had sold over 37,000 solar systems and employed about 900 people across 65 branches in Uganda and Kenya.
