Condia Insider: Mastercard Giveth, 54 Collective…?

We have prepared context and insights about this week’s leading news. The stories are:

• 54 Collective faces liquidation over misused grant
• CBN maintains interest rate at 27.5%
• M-KOPA faces lawsuit over equity disparity

54 Collective faces liquidation over misused grant

What started as a nonprofit meant to fund African SMEs somehow morphed into a self-funded rebrand, shady transfers, and thousands of backdated journal entries, all without Mastercard’s blessing.

The 54 Collective is now facing liquidation after allegedly misusing more than $42 million from a Mastercard Foundation grant.