Africa-Press – Rwanda. I&M Bank continues to enhance its commitment to education in Rwanda with the expanded EDUFINANCE programme. Originally designed to address barriers to accessing affordable financing for educational institutions and families, the programme has now been strengthened with additional services aimed at further supporting Rwanda’s educational sector.
A key feature of the expanded EDUFINANCE programme is its integration with two leading digital payment platforms, SchoolGEAR, and the URUBUTO Education System. These platforms facilitate instant payments directly to schools, simplifying the fee payment process for families while ensuring that schools can quickly receive funds. This reduces the administrative burden on educational institutions, improves cash flow management, and allows them to focus more on providing quality education.
Building on the original offerings, I&M Bank is now also addressing a long-standing challenge for many schools: transportation. The expanded EDUFINANCE programme includes 100 per cent financing for school buses, allowing schools to provide reliable and safe transportation for students without straining their cash flow.
To support the growth and infrastructure development of schools, the programme now offers up to Rwf 245 million in collateral-free working capital and investment financing. This service enables schools to access the necessary capital for expansion and improvements without the burden of traditional collateral requirements, making it easier for institutions to invest in their futures and enhance the quality of education they provide.
The Bank has not only focused on payment solutions and ease of access to funds but has also addressed the challenge of the high cost of financing. Through strategic partnerships, the Bank has launched a new programme that enables affordable schools to access loans of up to Rwf 50 million at a discounted interest rate of 12 per cent. This loan is tailored for affordable schools to help meet their operational needs, ensuring that education remains accessible to all students.
The expanded programme also offers Insurance Premium Finance (IPF) financing insurance premiums at a low, one-digit interest rate, allowing schools to focus on their educational goals without concern for unforeseen financial setbacks.
“The expansion of the EDUFINANCE programme is a direct contribution to supporting the Government of Rwanda’s ongoing efforts to develop the education sector,” said Christian Abijuru, Head of Business Banking at I&M Bank.
“By offering tailored financial solutions and addressing the key challenges faced by schools, we are helping to create a stronger, more sustainable educational environment for future generations.”
The expanded EDUFINANCE programme represents I&M Bank’s continued strong commitment to supporting the country’s vision to enhance the quality of education. By empowering schools and learners, we are contributing to the broader national development agenda and helping build a more prosperous and equitable future for all.
Christian Abijuru, Head of Business Banking at I&M Bank speaks about EduFinance programme. Courtesy
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