Did you know 2 out of 3 kids under 10 globally can not read and understand a simple story? Many of these children are in Africa*.
Furaha believes that every individual deserves an opportunity to unlock their dreams through access to quality education. Originally from Uganda and as Furaha’s co-founder with over 20 years of experience in the banking industry, I have witnessed firsthand the struggle parents face in financing their children’s education amidst the tough economic times.
Before joining Furaha, I served as the Global Head of Digital Platforms at Standard Chartered Bank, playing a crucial role in launching Standard Chartered’s digital banks in nine African markets, developing and delivering digital banking solutions across Africa, Asia and the Middle East. This is when I met my co-founder, Ian Fernandes, who led Strategic Transformation for the Africa and Middle East region. This is when we discussed this idea and came together to bring this vision to life.
While efforts have been made by governments, private sectors, and organizations, the higher cost of living has made it increasingly challenging for parents to keep their children in school. Many are forced to resort to loan apps with exorbitant interest rates, putting added strain on family finances.
Imagine a dedicated mother working tirelessly, only to have her child’s education disrupted due to an inability to pay tuition fees on time. This heartbreaking scenario forces the child to change schools repeatedly, hindering their academic progress and personal growth — a setback that can have long-lasting effects on their future and the development of our society. Furaha was founded to enable quality education through purpose led finance for everyone irrespective of their social status. The Furaha platform helps these parents whose credit footprint may not allow them the quick access to school fees they need.
At Furaha, our mission is to unlock financial opportunities for parents seeking quality education for their children. Our inclusive approach leverages the convergence of community and technology, complementing existing efforts to address the challenge caused by rising living costs. We are a visionary force in inclusive finance, igniting a global movement where purpose meets progress for everyone.
The Furaha platform is tailored for parents seeking financial solutions for quality education. While Furaha does not provide loans or credit directly, it has created an eco-system of partners that bring this to life including Telcos, banks, aggregators, and suppliers. Furaha marries purpose with appropriate financing to unleash growth and development among the missing middle.
We pioneer technology-driven approach to personalized lending. We aim to alleviate the stress and burden associated with financing education for all. Our goal is to bring joy and happiness to our audience through access to education, through financing. That’s why our name is Furaha – happiness in Swahili.
We understand that parents’ dreams for their children often begins with access to quality education. That’s why we’ve developed an education loan ecosystem that directly pays tuition fees to schools, enabling families to invest in their children’s future while repaying the loan in manageable installments. Through this solution, we’re easing the burden on parents by providing loans to educational institutions for primary schooling , thereby enabling broader access to higher education.
Technology is the great enabler, democratizing access to resources and opportunities that were once out of reach for many. By leveraging alternative data analysis, we’re streamlining the lending process and ensuring parents can access financing within their means, preventing future burdens. Our platform employs advanced algorithms to assess creditworthiness fairly and equitably, breaking down traditional barriers to finance such as inaccuracies in credit-worthiness based on legacy systems.
Furthermore, we’re harnessing the power of digital tools like blogs and tips to provide financial literacy education, empowering individuals to make informed decisions about their educational investments. Because knowledge is not only power – it’s the bedrock of sustainable progress and human capital development for Africa and the world.
At Furaha, we are committed to be warm, optimistic, and intentional in our approach. We believe that by combining our expertise in finance with a deep-rooted commitment to empowering parents, teachers, headmasters and even financial institutions, we can ignite a global movement that impacts humanity positively. Together with our partners, we’re breaking down financial barriers to education and school fees financing, and building a future where every dream can take flight through the transformative power of technology and quality education.
Furaha approach is to finance growth through quality education.
It’s not about putting money in the hands of people but helping them achieve their purpose and furthering the development of our societies.
Join us in our mission to unlock the potential through quality education and contribute to the collective progress of our world. Because when we invest in education, we invest in the limitless possibilities of human potential. Explore our platform and ecosystem today and empower your child’s educational journey with Furaha.
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Furaha Finserve Uganda Limited is a financial technology business which acts as a software-based intermediary platform. The company does not provide loans or credit directly, and does not operate a payment system, act as a payment service provider or issue a payment instrument.
