Rwandan learning institutions are poised for a range of advanced financial and non-financial services and products tailored specifically to the education sector, thanks in large part to the new EduFinance program launched on Thursday, May 18.

Launched in Kigali by the I&M bank in partnership with Opportunity International, the program is expected to support the entire ecosystem of Educational Institutions including schools and universities, among others.

Schools in Rwanda are poised to get services that go beyond mere financing including access to high-quality training programs, cost-effective financing options, and strategic partnerships.

For Robin Bairstow, Chief Executive of I&M Bank (Rwanda) Plc, the program is among the Bank’s efforts in driving economic growth through Rwanda’s education sector.

"There are a couple of innovative products that the Bank brings to the market and at the same time with the partnership that we now have, one of the areas which is not covered in any syllabus in most countries is financial education,” Bairstow said.

Educating people on finance and loans is critical for people to understand financial services.

According to Bairstow, this is not the first time I&M Bank is partnering with schools, but the new partnership is set to boost their engagement with the Bank, looking at the type of services that will be offered.

Bairstow shared similar sentiments with Julius Emmanuel Omoding, a Senior Advisor and Regional Director for Opportunity International, working with financial partners across Africa.

"This partnership is really premised on how we support the education sector in Rwanda. Our market research has shown us that there are many kids out of school, it has shown us that there is a very growing population under 15 years, but it has also shown that there is a big demand not just from school heads but also parents, among other partners.” he said.

With the partnership, he added, schools have the opportunity to fund different initiatives they have, parents also have access to funding for their children and "most importantly” is the financial literacy angle.

"You have a partner who understands your cash flow, who understands your business. We are willing to walk the journey in terms of teaching the different aspects of finance and school owners can run sustainable schools as a business,” he said.

School owners who were present at the launch said that partnership set the stage for rapid and sustainable school improvement, ensuring more students gain access to a better education.

These services and products are expected to be used, invest in their schools' most pressing needs.

Some of the needs highlighted at the ceremony include infrastructure and expansion, improving educational provisions by hiring new teachers to reduce class sizes, purchasing textbooks, classroom supplies, desks, or computers, enhancing health and safety by adding metal roofs, concrete floors, security fencing, and wells, piping, or filtration systems for clean water.