KAMPALA – A pioneering partnership between Ugandan financial technology business Furaha, Opportunity Bank, and MTN Mobile Money is set to revolutionize education financing in Uganda.
The innovative collaboration, announced on Wednesday, will enable Ugandans to access loans from Opportunity Bank via MTN Mobile Money, facilitating seamless payment of school fees.
Furaha, a technology company committed to transforming lives through financial inclusion, has developed a platform that allows customers to acquire loans and remit funds directly to schools using MTN Mobile Money.
“We’re thrilled to partner with like-minded organizations to drive positive change in our community,” said Yustus Aribariho, Furaha’s co-founder. “Our goal is to impact over 10 million children in sub-Saharan Africa within the next five years.”
According to Aribariho, Furaha has already disbursed over 1 billion Ugandan shillings, supporting over 2,000 learners in the past five months.
The partnership aims to address the perennial challenge of delayed school fee payments, which affects many educational institutions in Uganda. Denis Musinguzi, CEO of Furaha, noted that only 30% of targeted school fees are typically collected on the opening day of term, resulting in financial strain on schools.
“Our solution enables schools to collect 100% of targeted school fees on the opening day, benefiting all stakeholders, including schools, parents, and children,” Musinguzi explained.
Opportunity Bank Uganda’s CEO, Owen Amanya, emphasized the bank’s commitment to financing critical areas, including education. “We focus on supporting rural areas and marginalized communities, providing financing to schools and helping poor children access better learning environments.”
Hellen Kirungi, MTN Mobile Money’s Senior Manager for Savings and Loans, highlighted the importance of education financing in unlocking brighter futures for families. “As MTN Mobile Money, we believe that no child should miss school due to financial constraints. This partnership is a significant step towards achieving that goal.”
The partnership is expected to make a significant impact on Uganda’s education sector, promoting financial inclusion and access to quality education for all.
