A groundbreaking partnership between Service Cops Limited, through its School Pay platform, and Furaha Finserve Uganda Limited is set to transform education financing in Uganda. The two companies have united with the shared goal of enhancing school fees accessibility, financial inclusion, and digital transformation in the education sector.
This initiative, launched at an event attended by key stakeholders in education and financial services, introduces a seamless and affordable school fees financing solution designed to ease the financial burden on parents while ensuring that students remain in school without interruptions due to unpaid fees.
Addressing Uganda’s Education Financing Challenges
Education is a fundamental driver of economic progress, yet in Uganda, many children drop out of school due to financial constraints. Studies show that up to two-thirds of students struggle to complete secondary education, with school fees being one of the main barriers.
Ian Fernandes, Founder of Furaha Finserve, highlighted the urgency of tackling this issue:
“Education is the key to breaking the cycle of poverty. In Africa, we have 600 million children, but without access to financing, many of them are denied the opportunity to complete their studies. Our mission is to create positive education outcomes for 10 million children across Africa in the next five years. With School Pay, we are making education financing simpler, more accessible, and dignified for all parents.”
Traditionally, parents have had to endure long queues in banks, expensive transaction fees, and rigid lump-sum school fee payments. The School Pay-Furaha partnership eliminates these challenges, allowing parents to secure flexible financing options via mobile applications and digital payment platforms.
The Digital Transformation of School Fees Payments
Since its launch in 2016, School Pay has revolutionized school fee payments by digitizing transactions and integrating multiple payment channels, including MTN, Airtel, Payway, and agency banking.
Osbert Muganga, General Manager of School Pay, detailed the growth and impact of the platform:
“We are currently serving over 6 million students in 14,000 schools across Uganda. School Pay processes between 3-4 trillion Ugandan shillings in school fees annually. However, our data shows that only 30% of fees are paid on time, while 70% of parents struggle to complete payments later in the term. By offering financing options in partnership with Furaha, we aim to shift these payments into the first cycle, ensuring that students do not face disruptions in their education.”
Through this collaboration, parents can now apply for school fees loans via the Furaha app and enjoy benefits such as:
- Affordable financing with low interest rates
- Instant loan processing and direct payment to schools
- Flexible repayment plans of up to 90 days
- Seamless access via mobile – available on both Google Play and the Apple App Store
Financial Inclusion for Every Parent
Beyond just offering loans, Furaha Finserve is pioneering a new approach to purpose-driven financing. Unlike traditional banks, which often make borrowing a complicated and intimidating process, Furaha aims to restore dignity and ease to education financing.
Dennis Musinguzi, CEO of Furaha Finserve, explained their mission:
“Financing education should not be a humiliating process. At Furaha, we use technology to make borrowing stress-free, simple, and transparent. Parents can apply for loans using just their National ID, and within minutes, the fees are paid directly to the school. Our goal is to ensure that no child is sent home due to unpaid school fees.”
This model aligns with global trends in fintech-driven financial inclusion, where digital solutions bridge the gap between underserved communities and essential financial services.
Expanding Beyond Uganda: A Regional Vision
While this partnership is launching in Uganda, both Service Cops and Furaha Finserve have their sights set on a broader African market. Neighboring countries, including Tanzania and Zambia, are already experiencing similar challenges in education financing, making them prime targets for expansion.
According to Mathias Kamugasho, Managing Director of Service Cops, the success of School Pay in Uganda proves that digital solutions can reshape education financing across Africa:
“Gone are the days when parents had to queue outside banks to pay school fees. Through digital transformation, we have automated and simplified the process. We are now ready to take this model to other African markets, ensuring that every student has uninterrupted access to education.”
The partnership with Furaha Finserve strengthens this vision by providing an additional financing layer to ensure that even low-income families can access education without financial distress.
The Future of Education Financing in Africa
The Service Cops-Furaha partnership represents a major milestone in financial technology and education accessibility. With digital innovations reshaping industries worldwide, this collaboration positions Uganda as a leader in education fintech solutions.
For parents and students, this means a more convenient, affordable, and reliable way to manage school fees. For schools, it ensures timely payments, better planning, and improved cash flow management. And for Africa, it sets a precedent for how fintech can drive educational transformation.
As Uganda continues to invest in digital transformation and financial inclusion, partnerships like this will be crucial in ensuring that education remains a right, not a privilege.
How to Access the New School Fees Financing Solution
Parents and guardians can sign up for Furaha’s school fees financing by:
- Downloading the Furaha App from Google Play or the Apple App Store
- Registering using their National ID
- Selecting their child’s school and required payment amount
- Receiving instant approval and direct fee payment to the school