SchoolPay, the digital education payments platform powered by Fincom Technologies, has partnered with Stanbic Bank Uganda to introduce a first-of-its-kind digital lending marketplace tailored for schools. Through the new Stanbic FlexiLoan on SchoolPay, schools can instantly view their credit limits, submit loan applications online, and receive funds within 24–48 hours—a major shift in how educational institutions access financing in Uganda.
For over a decade, SchoolPay has facilitated fee collection for thousands of schools nationwide. This latest innovation links verified financial data to instant credit, enabling schools to quickly secure funds for operations, infrastructure, staff salaries, and other essential needs. Fincom CEO Charity Atukwatsa said the development marks SchoolPay’s evolution into a comprehensive platform aimed at empowering the entire education ecosystem.
Stanbic Bank serves as the anchor financial institution, offering loans of up to UGX 1 billion directly through the SchoolPay interface. Tunde Thorpe, Stanbic’s Executive Head of Business and Commercial Banking, explained that the initiative supports the bank’s mission to drive national growth via education. He noted the bank’s continued backing of the sector, particularly during the COVID-19 school closures, and described the new solution as a significant step in its digital transformation agenda.
Fincom Technologies Board Chairman Joseph Ndiho Kiiza emphasized that the marketplace is the result of over ten years of research and innovation in the education sector. He noted that SchoolPay addresses challenges faced by all stakeholders—from parents and teachers to banks and suppliers—and that access to affordable, timely financing has long been a barrier. With the new system, schools can check their limits and access funds in hours, a process expected to become even faster as the platform evolves.
Government and education officials have welcomed the platform as a timely solution for Uganda’s tuition-dependent private schools. Harriet Ssenkali from the Ministry of Education urged school owners to utilize the loans responsibly, while NPEIA Executive Director Didas Orikiriza highlighted how the product will help schools overcome recurring cashflow problems caused by delayed fee collection. School administrators like Margaret Nakintu shared firsthand experiences, reporting that her school received a FlexiLoan the day after applying, allowing prompt payment of teachers’ salaries.
The Stanbic FlexiLoan on SchoolPay fully digitizes the borrowing process: no collateral, no paperwork, and no need to visit a bank branch. Schools can view their approved limits, submit applications online, access funds quickly, and manage repayments through dashboards, with schedules aligned to school terms for flexibility.
Looking forward, Fincom and its parent company, Service Cops, plan to expand the marketplace to all African markets where they operate, using Uganda as the launchpad for a new era of digital school financing. The platform aims to set a benchmark for fast, accessible, and transparent lending for educational institutions across the continent.
This partnership represents a major milestone in Uganda’s digital financial landscape, positioning technology as a key enabler of educational growth and financial inclusion for schools of all sizes.
