Female students at the School of Finance and Banking (SFB) under a Goldman Sachs international scheme allege that leaders at the school divert part of their money meant for tuition fees.

Several students who spoke to The NewTimes but preferred anonymity claim each student is entitled to about $2800(Rwf1.6million) by Goldman Sachs but the fate of half of the money is not known.

"We want an independent probe team from the Ministry of Education to take up the matter. The school’s management has told us to keep quiet but students have become impatient,” a second year BBA student who declined to be named said on Wednesday.

 "After selection last year, officials from Goldman Sachs made it clear that the balance will be given to us,” she added.

Goldman Sachs, is a leading global investment banking, securities and investment
management firm, and has embarked on a campaign to empower women in developing countries through business education.

Entrepreneurship education helps women gain wealth, becoming independent, and get involved in the transformation of their countries.

Goldman Sachs which started operating in Rwanda a year ago has so far enrolled 30 students at SFB.

The programme is implemented in Rwanda at SFB in support of the William Davidson Institute (WDI). The WDI Group is in partnership with Goldman Sachs Group Inc.

Recently, the government of Rwanda terminated their contract with WDI which had initially been contracted to run SFB in an effort to boost the quality of education in the country.

Students claim that after deducting tuition fees of Rwf 460,500, insurance cost of Rwf 5,000, Rwf 50,000 for accommodation, and Rwf 180,000 for food, there is huge balance of over Rwf800,000 on each student.

When contacted on Wednesday, the programme’s coordinator Agnes Uzarerwa said the students are not supposed to get the balance.

She explained that "the balance is kept and will be used to support other students in the near future.”

"We have told these students in the past but they don’t listen. We shall hold another meeting and convince them,” Uzarerwa added.

She said the school would write to Goldman Sachs International officials to clarify whether the beneficiaries are supposed to get the balance.

The initiative seeks to equip 10,000 women in developing countries with business skills and Rwanda is one of the beneficiaries.

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