FINCA Uganda has launched a scholarship fund for children of its customers to enable them pursue or continue with education at tertiary institutions.
Termed +10 Educational Fund, the scholarship will cater for tuition fees for ten students pursuing diploma and degree courses from both private and public institutions.
While unveiling the scholarship drive, James Onyutta, the bank’s managing director, said the number of children failing to go to higher institutions of learning is alarming and the biggest reason is lack of tuition.
He explained that only 4.2 per cent of the total enrolment in primary schools, which by last year stood at 8.6 million pupils, are able to make it to higher institutions of learning.
“Merely 367,000 students were able to enroll in tertiary institutions, this trend I believe is majorly due to lack of school fees among other factors; therefore, we do hope that this intervention should be able to benefit our customers,” Onyutta said.
James Semakadde, the Bank’s board chairperson, said the scholarships which will be highly competitive will be only for FINCA clients with active bank accounts.
“Some of the terms will include children who have shown consistent academic achievements in their past grade, parents must prove their incapacity to fund their children and FINCA will support one child per family,” he said.
Other terms are: children must complete their courses within the allowed duration; there should be a proof of admission; school fees will be sent directly to the institution; and parents of the beneficiary must continue to bank with FINCA.