Overview:
Airtel Money, SchoolPay, and Sanlam have teamed up to launch a new savings scheme for school fees. Parents can now save with ease and earn 8% annual interest.
KAMPALA, Uganda – Airtel Money Uganda, in partnership with SchoolPay and Sanlam Investments, has launched a new financial product aimed at helping parents save for school fees. The “SchoolPay Savings” scheme allows families to gradually set aside money for their children’s education while earning an 8% annual interest rate.
The product is designed to address the financial stress many Ugandan parents face at the start of each school term. Savings can begin with as little as 5,000 Ugandan shillings (UGX) and have no fixed schedules or minimum balance requirements.
Japheth Aritho, managing director of Airtel Mobile Commerce Uganda Limited, said the initiative will change how parents manage educational expenses.
“For many Ugandan families, school fees payments create sleepless nights of financial anxiety,” Aritho said. “SchoolPay Savings changes that story forever. Instead of panic when fees are due, parents can now with confidence incrementally grow their school fees savings reducing the burden, while the savings earn an interest.”
The service also features zero withdrawal charges when parents use their savings to pay school fees directly. The funds are securely invested through Sanlam’s regulated Unit Trust Scheme, which is managed by Sanlam Investments East Africa Limited and licensed by the Capital Markets Authority of Uganda.
Giles Aijukwe, CEO of Fincom Technologies, which operates SchoolPay, said the partnership empowers parents to plan ahead.
“At Fincom Technologies, our mission has always been to make school fees payments simple, secure, and stress-free,” Aijukwe said. “With SchoolPay Savings, we are taking that vision further, by empowering parents not just to pay, but to plan ahead and grow their savings. This partnership ensures that every shilling set aside for education works harder for the family and the future of our children.”
The product is exclusively available to parents who pay school fees through the SchoolPay platform. Parents can access the service by dialing *185# on their phones.