Airtel Money Uganda has partnered with SchoolPay and Sanlam Investments to launch SchoolPay Savings, a new financial product aimed at helping Ugandan parents save for their children’s school fees with ease, security, and attractive returns.
The service is designed to tackle a common challenge faced by millions of families, the financial strain and last-minute scramble to meet school fee deadlines each term. Parents can save from as little as Shs5,000 at any time, with no fixed schedule or minimum balance requirements, and earn 8% annual interest, calculated daily on their savings.
“For many Ugandan families, school fees payments create sleepless nights of financial anxiety,” said Japheth Aritho, Managing Director of Airtel Mobile Commerce Uganda Limited. “SchoolPay Savings changes that story forever. Parents can now grow their school fees savings incrementally, reducing the burden while earning interest.”
One key feature of the scheme is the zero-withdrawal fee when paying school fees directly from the savings wallet, removing a cost barrier that has often discouraged parents from using their savings for education.
Savings will be invested through Sanlam’s regulated Unit Trust Scheme, managed by Sanlam Investments East Africa Limited and licensed by Uganda’s Capital Markets Authority.
Giles Aijukwe, CEO of Fincom Technologies, the company behind the SchoolPay platform, said the partnership takes school fees payment to the next level: “With SchoolPay Savings, we are empowering parents not just to pay, but to plan ahead and grow their savings. Every shilling set aside for education works harder for the family and the future of our children.”
The initiative combines:Airtel Money’s nationwide mobile money network, SchoolPay’s established school fees payment platform, Sanlam Investments’ fund management expertise
The product is exclusively available to parents who pay school fees through the SchoolPay platform, ensuring a seamless integration between saving and payment.