In a bold move to revolutionize the education sector, FINCA Malawi has launched a K1 billion education financing product called FINCA EduSmart.
This innovative product, launched in partnership with Opportunity International, aims to increase access to quality education and make it more affordable for low-income earners.
According to Charles Bello, FINCA Malawi’s Chief Executive Officer, the product will provide loans to education institutions to cover operational expenses, improve infrastructure, and purchase essential assets. The launch coincides with FINCA Malawi’s 30th anniversary
He said, “FINCA Malawi has put aside 1 billion for EduSmart and targeting close to 500 institutions and 3000 individual customers across the country. We would like to encourage all our existing customers and new customers to access this loan. If you are in school business, you can access EduSmart as an Individual Business loan. If you are a parent, you can access the loans as Group Loans or Payroll Loans.”
Bello emphasized that the EduSmart loan will create a conducive learning environment, empower individuals with skills and confidence, and increase job opportunities. He encouraged existing and new customers to access the loan, which can be obtained as Individual Business Loans, Group Loans, or Payroll Loans.
Richard Chongo, Opportunity International’s Country Director, praised the partnership, saying it supports the government’s efforts to educate its people, a crucial foundation for a developed nation.
He highlighted their joint initiative with the Independent Schools Association of Malawi, which has already trained school leaders and teachers from 240 schools across Malawi.
This groundbreaking product is a testament to FINCA Malawi’s commitment to ending poverty and transforming lives through cutting-edge financial solutions.
