Finca launches education loan
FINCA Malawi in partnership with Opportunity International on Friday launched the Edusmart Education Finance loan, aimed to support the provision of quality and affordable education, with a total funding of K1 billion.
Speaking during the launch, FINCA Malawi chief executive officer Charles Bello said the product will help to increase the quality of education in the country and further promote access to easy and affordable education.
“The FINCA EduSmart is targeting education institutions by covering operation expenses, improving infrastructures, and purchasing assets such as desks, school buses, and technology equipment.
“Parents with children at any level of education can access the education loan, and employed students who wish to further their studies will also be eligible for this loan.
Bello added that the EduSmart loan aims to target nearly 500 institutions and 3,000 individual customers nationwide.
“We encourage both existing and new customers to take advantage of this loan. If you are in the school business, you can access EduSmart as an Individual Business loan. For parents, the loans are available as Group Loans or Payroll Loans,” he said.
On his part, Opportunity International country director Richard Chongo said they believe that a world free from poverty is possible
“We want our children to have access to high-quality education that is both accessible and affordable. Through EduFinance, we believe that by providing schools with access to capital and training for school leaders and teachers, we can ultimately enhance access to improved education for students.
“Our partnership with FINCA has enabled us to launch the EduSmart loan product, designed to facilitate school improvements. However, creating better schools goes beyond infrastructure and attendance; it also involves enhancing the quality of leadership and teaching,” he said.
