By Kelly Napolo:
Finca Malawi has introduced a ground-breaking education finance loan product called Edusmart, valued at K1 billion, aimed at supporting education institutions and students across the country.
The product, launched in Blantyre, offers financial assistance to educational institutions with minimal collateral and to students at any education level without need for collateral.
Speaking at the launch, Finca Malawi Chief Executive Officer Charles Anderson Bello described the initiative as a significant milestone, coinciding with the organisation’s 30th Anniversary.
“The Edusmart product is designed to elevate education standards in Malawi, which in turn will uplift the lives of many Malawians,” Bello said.
Finca Malawi has partnered Opportunity International to deliver the new loan product.
Opportunity International will provide training to ensure proper management of the loans, among other forms of support.
Opportunity International Country Director Richard Chongo commended Finca for the innovative approach to improving education in Malawi.
“We are committed to ensuring that Malawians have access to affordable, high-quality education. We believe that offering these loans will significantly enhance the quality of education provided by institutions across the country,” Chongo said.
The Edusmart loan product is expected to benefit 500 educational institutions and 3,000 students initially.
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