I&M Bank (Rwanda) Plc and Kaizenvest have teamed up to expand access to affordable loans for TVET and secondary schools through the bank’s EduFinance program. This is supported by USAID's CATALYZE EduFinance Activity, which attracts private capital investments for non-state schools to address the educational financing gap in Rwanda. This initiative supports the schools by providing loans at a reduced interest rate of 12 per cent down from 17 per cent, thanks to a 5 per cent subsidy from the USAID program. ALSO READ: Rwanda: I&M Bank, Oklahoma Christian University launch student loan scheme The bank’s EduFinance Programme is designed to make higher education more accessible and affordable, supporting Rwanda’s goal of fostering a skilled and educated workforce. The CEO of I&M Bank (Rwanda) Plc, Benjamin Mutimura, emphasised the bank’s commitment to supporting the education sector through its comprehensive EduFinance program, which provides tailored financial solutions to schools, students, and teachers. He noted that the bank is working with two partners to support fee collection systems. “Kaizenvest now comes in to make sure that we can provide affordable finance for this sector. It’s not for profit purposes,” he added. Mutimura noted that while the education sector in Rwanda is growing, access to affordable financing remains a major challenge. “One of the key components of this program is the buy-down on interest rates. The program provides a 5 per cent subsidy. For example, if a customer in the education sector has been borrowing at 17 per cent, they will now borrow at 12 per cent,” he said. ALSO READ: I&M Bank Rwanda launches 'Karame' campaign with 24-hour retail loan response He added, “It’s a big move. We hope these benefits will reach teachers and students, enabling faster development of the education sector.” Discussing the partnership, Jetu Lalvani, CEO of Kaizenvest said, “We are privileged to be here working in Rwanda and with I&M Bank. It’s exciting to see the economic and social change and innovation happening here, and we are happy to be part of it.” Lalvani described education as essential to societal growth and well-being. “For us, education is like a social DNA, similar to biological DNA. With a strong education DNA, sustainable growth, social harmony, and human flourishing are achievable,” he said. Kaizenvest’s work in emerging Asia has made a big difference, helping 12 million students, creating 4 million jobs, and supporting 50,000 teachers. They have also helped raise $300 million to fund education projects. “Now, we’re bringing that experience to emerging Africa, starting with Rwanda. It was USAID that brought us here and funded our step into the region. We chose two initial countries: Rwanda and South Africa, and this is the beginning of many big things we aim to achieve,” he added. Lalvani emphasised the importance of collaboration between private and state capital in transforming education and employment. “We believe private capital has a critical role in emerging markets. We want to work alongside state capital to shape the future of learning and work. I am very happy to be here and excited about what lies ahead,” he added.
