School leaders tipped on financial management as EFC Uganda launches School Improvement Finance loan product.

In a bid to support private schools to improve their learning school infrastructure including acquiring land for expansion, set up students’ facilities, purchase of equipment, securing working capital among other needs, EFC Uganda has unveiled a new product dubbed “School Improvement Finance Loan Product” in a campaign named “Upgrade your School” where schools can apply for loans to enable school leaders meet their goal of providing quality education enhance school learning environment in Uganda.

The new school loan according to EFC is targeting proprietors of pre-primary school, primary schools, secondary schools, vocational colleges and universities operating legally in Uganda who will be eligible to access this product “with the criteria simplified to the dot with the minimum loan amount set at UGX 2,500,000”

The EFC School Improvement Finance was launched in partnership with Opportunity International on Friday 10^th March 2023 at Kolping Hotel Kampala attended by various school leaders.

During the launch of the new loan product, pictured above, The Executive Director EFC Uganda Michael Sekyondwa said that after assessing the operating situation and the needs of the private schools with the support of Opportunity International, they decided to generate a school loan that will address their challenges.

He urged school leaders to take kin interest in the realities of the loan being applied for to understand the financial discipline, the loan terms in order to manage the financial loan and the business expansion.

” We got a partnership with Opportunity International to assess the challenges of schools and why they need a loan. Today we have engaged them most of which are our customers to educate them after sometime on loan and financial management, discuss and get feedback from them as customers” he said

Mr Michael added that the new products that the bank is providing include: The digital solutions like credit cards, mobile banking, and agent banking among others.

“The new digital solution especially the credit card can allow access to the account, can purchase goods from supermarkets, can buy fuel without moving with cash” he said

Ms. Jane Aik, pictured above, The Senior Technical Assistant Advisor-Africa, Opportunity International said that in order to support the schools that have challenges to increase access to education through partnering with financial institution like EFC Uganda to finance the school. 

She encouraged school proprietors and leaders to have updated school documentation like a school profile and financial records that stipulate all key school information, updated documents will make access to this loan product easier and faster.

The Proprietor of Good Choice Schools, Fred Kalemwa underscored the need to have subsidised products and a proportionate interest rate of below 20% to enable them to repay promptly without diverting the loan money into other ventures. 

EFC Uganda (MDI) is among the fastest growing microfinance institution in Uganda licensed and supervised by Bank of Uganda, EFC is committed to developing the country’s private sector by providing increased access to financial services for the underserved micro, small and medium enterprises market segment. Can be accessed online via www.efcuganda.com