Furaha, SchoolPay launch affordable school fees loans

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,” said Denis Musinguzi, CEO of Furaha. “Our platform is designed to make it easy and accessible for everyone.”

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.

The partnership is expected to benefit millions of students across Africa, particularly in Uganda, where SchoolPay has already enabled digital payments for over 14,000 schools.

According to Osbert Muganga, General Manager of SchoolPay, the impact of unpaid school fees is far-reaching, affecting not only the child’s education but also the school’s survival and the entire economy.

“By providing financing options for parents, we can help keep children in school and ensure that they receive the education they deserve,” Muganga said. “When a child stays in school, they are more likely to succeed and contribute to the economy in the long run.”