According to the National Private Education Institutions Association in Uganda, the rate of school fees defaulting averages between 15 and 30%. Uganda’s education system provides that fees are paid every term or annually, but several families find it hard to clear them in time, keeping learners away from school.
It is against this background that the private schools association, together with Furaha Uganda Limited, has signed a memorandum of understanding through which financially struggling parents and guardians can easily access school fees loans that are directly wired to school bank accounts.
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.
