I&M Bank Rwanda Plc and Oklahoma Christian University in Rwanda, on May 24, 2024, launched a student loan scheme at a discounted rate through the bank’s innovative EduFinance Programme.
This ground-breaking initiative by the two partners will provide students with discounted loans at a competitive interest rate of 14.5 per cent down from 16.5 per cent the bank usually charges, repayable within 36 months.
The EduFinance Programme is designed to make higher education more accessible and affordable, supporting Rwanda’s goal of fostering a skilled and educated workforce.
By making higher education more accessible, I&M Bank and Oklahoma Christian University in Rwanda are playing a pivotal role in advancing Rwanda’s educational landscape
Under this scheme, students who present an admission letter from Oklahoma Christian University in Rwanda and meet the bank’s EduFinance loan requirements will be able to access their loans within 48 hours, ensuring that financial barriers do not hinder their academic pursuits.
CEO of I&M Bank (Rwanda) Plc, Benjamin Mutimura, said that the partnership in swift and efficient loan disbursement to students underscores I&M Bank’s commitment to facilitating education that many are looking for.
"At I&M Bank, we are dedicated to creating financial solutions that not only delight our customers but also contribute to the socio-economic development of our communities. This EduFinance Programme aligns perfectly with our mission to support the education sector in Rwanda. By providing students with timely and affordable loans, we are investing in the future leaders of our country,” he said.
Dr Jeffery Simmons, the Dean of the School at Oklahoma Christian University, said the student loan scheme is a motivation to students to achieve their dreams.
"We are excited to partner with I&M Bank to offer this innovative product to our students. We hope this will be a blessing to our students and allow us to expand our service to more people in Rwanda,” he said.
The EduFinance Programme is expected to benefit hundreds of students, empowering them to pursue their education without the stress of financial constraints.
Parents or other sponsors willing to support their family members will also be eligible to participate in this programme by opening a loan account with I&M Bank and committing to repaying their monthly obligations with the flexibility to maintain their salary accounts wherever they have other financial commitments.
Simmons said the student loan scheme will motivate more students to join the university.
"We do expect an increased enrolment because obviously some of the limitations are financially related. So we are really excited that this will open more doors to other individuals. Our two organisations can be a benefit to the Rwandan Community, to the African community, and to the global Community. And we think that this is going to allow an opportunity as, as you said, for people,” he said.
He added that the university is looking to expand academic programmes in Rwanda for undergraduate students.
"They will be able to pay school fees easier. We hope it allows us to grow our enrolment, and offer more educational opportunities for Rwandan students.”
This programme immerses students in Rwanda’s dynamic economy and culture while providing a global business perspective. Over 500 Rwandan students have pursued their education at Oklahoma Christian University, both in Oklahoma and through the MBA programme in Rwanda. OC graduates’ success is evident in their career excellence, as they serve as leaders in the banking sector, government, entrepreneurial ventures, and beyond.
OC is nationally recognised for its academic excellence and commitment to student success, with accredited programmes in engineering, business, and project management.