SC Ventures, the innovation and fintech arm of Standard Chartered, and Yabx Technologies, a subsidiary of Tech Mahindra, have jointly invested $10 million in Furaha, a lending platform focused on education financing in sub-Saharan Africa. SC Ventures contributed $7 million, while Yabx provided technology transfer to support this purpose-driven initiative.
Headquartered in Dubai’s International Financial Centre (DIFC), Furaha aims to make finance more accessible, starting with Uganda as its first market. The platform leverages Yabx’s AI-driven lending technology and SC Ventures’ expertise in banking and risk management to offer affordable financial solutions to underserved communities.
With over 600 million children under 18, Africa faces a significant challenge in providing affordable education financing. Many families, especially those earning less than $500 monthly, struggle to pay school fees on time due to limited access to credit. Furaha addresses this gap by creating a data-driven credit ecosystem that enables banks to provide affordable loans for education.
“Purpose-driven financing can bridge gaps in access and opportunity,” said Alex Manson, CEO of SC Ventures. “This partnership with Yabx will enhance financial inclusion and support education across Africa.”
Furaha’s partnership with Opportunity Bank, SchPay, and MTN MoMo in Uganda marks its initial steps toward scaling operations across Africa. By reducing the cost of delivering lending products and enabling timely school fee payments, Furaha is poised to impact families and communities positively.
Rajat Dayal, CEO of Yabx, emphasized the platform’s long-term potential: “This marks our entry into education financing, and we’re excited to see Furaha improve education outcomes in Uganda and beyond.”
Furaha’s innovative model offers parents flexible and affordable financing options, ensuring children can continue their education uninterrupted. The initiative also aligns with SC Ventures’ mission to rewire traditional banking by driving innovation and inclusivity in underserved markets. As Furaha plans to expand across Africa, its impact on education financing could redefine financial empowerment and improve the prospects of millions of African families.
