Kampala, Uganda – Furaha, a financial technology company, has partnered with SchoolPay, a leading digital payments platform, to offer low-cost school fees loans to parents in Uganda.
The partnership aims to provide parents with easy access to affordable loans to pay for their children’s school fees, eliminating the need for lengthy paperwork and cumbersome payment processes.
“We’re excited to partner with SchoolPay to provide a convenient and affordable solution for parents to pay for their children’s education,” Denis Musinguzi, CEO of Furaha, told Al Jazeera.
The process is quick and easy, with parents simply needing to provide their national ID number, take a scan of it, and take a selfie. Furaha then provides a credit limit, which can be used to pay for school fees in weekly or monthly installments.
Furaha’s platform offers a competitive interest rate of 5% per month, valid for three months, and a loan processing fee of 3% of the loan value. There are no penalties for early repayment, and parents can pay back the loan in installments.
“Education is key to unlocking opportunities, and we’re committed to making it more accessible to everyone,” Musinguzi said.
Ian Fernandes, Founder of Furaha, emphasized the importance of education in breaking the cycle of poverty.
“We’re not just about providing loans; we’re about transforming the lending process into a joyful experience. We’re committed to putting our customers first and making education more accessible to everyone,” Fernandes told Al Jazeera.
Osbert Muganga, General Manager of SchoolPay, highlighted the impact of unpaid school fees on the economy.
“When a child is sent home from school due to unpaid fees, it has a ripple effect on the entire economy,” Muganga said.
“By providing financing options for parents, we can help keep children in school and ensure that they receive the education they deserve. When a child stays in school, they are more likely to succeed and contribute to the economy in the long run,” Muganga added.
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