SC Ventures And Yabx Bring Furaha To Africa For Education Financing

SC Ventures, the innovation arm of Standard Chartered, has joined hands with Yabx Technologies, a company connected to Tech Mahindra, to launch a new lending platform called Furaha. Together, they have invested $10 million in this project. According to the update, SC Ventures gave $7 million, while Yabx added technology to complete the funding.

Furaha, Co-founded by Yustus Aribariho and Ian Fernandes, focuses on helping families in sub-Saharan Africa. It begins by offering education loans to parents who need help paying school fees. The company is based in Dubai International Financial Centre (DIFC) but is already working in Uganda, its first market.

Furaha Uses AI To Help Banks Offer Education Loans

Alex Manson, leader of SC Ventures, said this partnership will help more people access financial support. He said the firm is excited to partner with Yabx and Tech Mahindra, who share its dream of improving financial inclusion in Africa

Furaha uses a smart platform from Yabx that relies on artificial intelligence. This technology helps reduce costs and ensures banks can lend money to parents who need it. SC Ventures adds its knowledge of banking to enhance the project.

Mohit Joshi, leader of Tech Mahindra, shared his thoughts about the project. He said this is an exciting step for the company. He added that the firm is proud to work with SC Ventures to bring new financial solutions to Africa.

Africa has over 600 million children who are under 18 years old. According to reports, many parents face problems when trying to pay for their kids’ school fees. Furaha works with banks to provide easy loans. Parents and schools can now get support to keep children in school.

Furaha Begins Work In Uganda With Key Partners

In Uganda, Furaha has joined forces with partners like Opportunity Bank, SchPay, and MTN MoMo to provide loans. According to the update, the company plans to expand to other countries in Africa in the future.

Rajat Dayal, leader of Yabx, said this project is an important moment for them. He added that the partnership is special because it focuses on education. It will help many families in Uganda and other African countries.

Reports show that late or unpaid school fees prevent children from learning well in school. This problem hurts the children, their families, and the community. Furaha’s platform helps banks use data to decide who should get loans in a fair and easy way.

Parents in Uganda are already benefiting from Furaha’s education loans. The system ensures that schools get their fees on time, and children can stay in school without interruptions.a

Furaha is more than just a loan platform. Experts said it is a step toward improving education across Africa. With plans to grow into more countries, the company hopes to help many more families in need. For now, the launch in Uganda shows how partnerships like this can create a brighter future for children and their communities.