Airtel Money Uganda, the leading mobile money service provider, has partnered with SchoolPay and Sanlam Investments to launch SchoolPay Savings, a groundbreaking financial product designed to transform how parents save for and pay school fees. This innovative solution addresses the financial anxiety and scramble that millions of Ugandan families face every term when paying school fees.
With SchoolPay Savings, parents can securely, flexibly, and rewardingly save for their children’s education while earning attractive returns. The product leverages Airtel Money’s convenience and regulated investment tools to promote financial inclusion in education. Parents can start saving as little as Sh5,000 at any time, with no fixed schedules or minimum balance requirements, and earn 8% annual interest calculated daily.
According to Japheth Aritho, Managing Director of Airtel Mobile Commerce Uganda Limited, “School fees payments often create sleepless nights of financial anxiety for many Ugandan families. SchoolPay Savings changes that story forever, allowing parents to confidently grow their school fees savings while earning interest.”
A key feature of SchoolPay Savings is the zero withdrawal charges when paying school fees directly from the savings wallet, eliminating transaction costs that traditionally barred parents from accessing their saved funds. The savings are securely invested through Sanlam’s regulated Unit Trust Scheme, managed by Sanlam Investments East Africa Limited and licensed by the Capital Markets Authority of Uganda.
Giles Aijukwe, CEO of Fincom Technologies, emphasized the partnership’s vision: “Our mission is to make school fees payments simple, secure, and stress-free. With SchoolPay Savings, we’re empowering parents to plan ahead and grow their savings, ensuring every shilling works harder for the family and the future of our children.”
This partnership combines Airtel Money’s extensive mobile money network, SchoolPay’s established school fees payment platform, and Sanlam Investments’ expertise in fund management to create a comprehensive solution for educational financing in Uganda. The product is exclusively available to parents who pay school fees through the SchoolPay platform, ensuring seamless integration between saving and payment processes.
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