Africa-Press – Uganda. Stanbic Bank has launched a Mobile Dollar Account through its FlexiPay platform to transform how international schools in Uganda receive tuition fees.
The new service allows schools to collect payments directly in U.S. dollars, addressing challenges linked to currency conversion and forex costs.
Tunde Thorpe, Executive Head of Business and Commercial Banking at Stanbic Bank, explained that the solution was developed in response to concerns from school leaders frustrated by losses due to fluctuating exchange rates and high conversion fees.
“For parents who have been struggling with changing exchange rates and fluctuations, this will be a game-changer in the education sector,” Thorpe said.
With 79 international schools offering global curricula in Uganda, the new feature is expected to improve their financial stability and competitiveness.
The Acting Commissioner for Private Schools at the Ministry of Education, Harriet Ssenkaali, welcomed the innovation, describing it as a timely move to support education financing.
For More News And Analysis About Uganda Follow Africa-Press
