Standard Chartered’s SC Ventures and Yabx Technologies, a Tech Mahindra company, have formalized a joint $10 million investment in Furaha, a purpose-driven lending platform aimed at increasing financial inclusion across sub-Saharan Africa.
Furaha’s primary focus is education financing, leveraging Yabx’s AI-driven alternative lending technology and SC Ventures’ banking expertise to lower the cost of credit delivery. By doing so, the platform seeks to address financial challenges faced by parents earning less than $500 monthly, helping them pay school fees on time and ensuring children can continue their education uninterrupted.
Operating out of the Dubai International Financial Centre (DIFC), Furaha has launched in Uganda in partnership with organizations like Opportunity Bank, SchPay, and MTN MoMo, with plans to expand across Africa.
Key Statements:
- Alex Manson, CEO of SC Ventures: “This partnership enhances purpose-driven financing in Africa and rewires the DNA in banking to increase financial inclusion.”
- Mohit Joshi, CEO of Tech Mahindra: “This initiative bridges gaps in access and opportunity, redefining financial empowerment.”
- Rajat Dayal, CEO of Yabx: “We are excited to work with Furaha to positively impact education outcomes across Africa.”
Furaha’s mission aligns with the growing demand for affordable financial solutions in a region where over 600 million children face educational challenges due to financial constraints
