Imagine a parent with the dream of sending their four children to school but facing the harsh reality of not being able to secure even a modest loan with a 20% interest rate. For many, this might seem like an impossible situation one that leaves their hopes for quality education dashed. But that struggle is now a thing of the past.
In a groundbreaking partnership, Furaha Finserve Uganda Limited and Pegasus Technologies Limited have come together to offer a solution that promises to ease the burden of school fee financing.
This collaboration aims to make education more accessible by providing flexible, affordable financing options that empower parents to send their children to school without the stress of overwhelming loan conditions. By promoting education through this innovative partnership, both companies are committed to shaping a brighter future for families and students across Uganda.
This collaboration combines Furaha Finserve’s expertise in technology built for purpose-based financing with Pegasus Technologies Limited’s innovation, digital payments experience, and commitment to education to create a seamless, user-friendly product for education financing.
Through this transformative partnership, parents and guardians can now access school fee loans from Furaha Finserve Uganda Limited through a partner bank (Opportunity Bank). The funds will be conveniently paid directly to schools via the PegPay App, a secure payment gateway owned by Pegasus Technologies Limited.
With a low interest rate of just 5% per month, this loan option provides a manageable solution for families, allowing them to spread payments over a three-month term. This collaboration ensures that education is more affordable and accessible, offering peace of mind to parents while empowering students to continue their academic journey without financial barriers.
While unveiling this exciting partnership on Friday at the Furaha offices on Kololo Hill Drive in Kampala, Mr. Yustus Aribariho, co-founder of Furaha Finserve, shared the initiative’s remarkable potential. He highlighted that the program, now available in over 1,000 schools, brings a host of benefits to parents and guardians.
These include affordable financing with low-interest school fee loans, a simplified application process that only requires a National Identity Card for easy onboarding, and direct payments with real-time transfers straight to schools. Furaha’s ambitious target is to help 1 million children benefit from this initiative, ensuring that more families can access quality education without financial strain.
“This partnership represents a significant step forward in our mission to make quality education accessible to all,” said Mr Ronald Azairwe, Pegasus Technologies Managing Director. “This partnership unites innovation and purpose. We are dismantling barriers to education to ensure every parent’s sacrifice, every student’s ambition and every educator’s dedication is supported as much as possible.”
Mr. Dennis Musinguzi, Furaha’s CEO, added, “With Pegasus Technologies Limited, we are not just building Africa’s premier purpose-driven financial platform, we are rewriting the story of education access. Our collaboration of cutting-edge solutions and grassroots commitment ensures that school fees no longer stand in the way of dreams but instead drive hope and generational progress”
He explained that this approach guarantees that the financing provided is used strictly for its intended purpose, ensuring both Furaha and the schools are protected. Without this system, where funds are given directly to borrowers, there is a risk they might divert the money for other uses.
“The schools always have the funds available, allowing them to enhance facilities, pay teachers, and provide meals for students, ensuring satisfaction for everyone in the value chain,” Mr. Aribariho emphasized. “For us, this product isn’t just about parents and children returning to school; it’s also about the sustainability of schools and their continued ability to provide quality services to the students,” he added.
The service is available to the public through the Google and Apple App Stores. Customers can sign up using only their National Identity Card by going to http://bit.ly/furaha-app on their smartphones.
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