The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | A groundbreaking partnership between Opportunity Bank and Furaha Finserve is set to transform the way Ugandans pay for education, amid concerns over accessibility and affordability.
The collaboration, announced on Wednesday, will enable customers to access loans from Opportunity Bank via Furaha Finserve’s technology platform, with payments made directly to schools using MTN Mobile Money.
“We’re thrilled to partner with like-minded organisations to drive positive change in our community,” Yustus Aribariho, Furaha’s co-founder, told Al Jazeera.
The partnership has already disbursed over 1 billion Ugandan shillings ($270,000), supporting over 2,000 learners in the past five months, according to Aribariho.
“Our goal is to impact over 10 million children in sub-Saharan Africa within the next five years,” he added.
Opportunity Bank CEO Owen Amanya highlighted the significance of the partnership, saying: “Together, we’re not just providing a service but empowering families to invest in their future.”
The partnership offers several key features, including affordable financing with low interest rates, simplified loan applications, real-time direct-to-school payments, and flexible repayment options of up to 90 days.
MTN Mobile Money’s Senior Manager for Savings and Loans, Hellen Kirungi, stressed the importance of education financing, saying: “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 service is available to the public through the Google and Apple App Stores, with customers able to sign up using only their National Identity Card.
The partnership comes as Uganda’s education sector faces significant challenges, including funding shortfalls and inadequate infrastructure.
