I&M Bank Rwanda Plc and Oklahoma Christian University in Rwanda announced the launch of a student loan scheme on May 24, 2024, aimed at providing discounted loans through the bank’s EduFinance Programme.
The initiative, a collaborative effort between the two entities, offers students loans at a reduced interest rate of 14.5 per cent, down from the bank’s standard 16.5 per cent, with repayment terms spanning 36 months.
The EduFinance Programme, tailored to enhance accessibility and affordability of higher education, aligns with Rwanda’s objective of nurturing a skilled workforce.
The partnership between I&M Bank and Oklahoma Christian University underscores their commitment to bolstering Rwanda’s educational sector.
Eligible students, upon presenting admission letters from Oklahoma Christian University in Rwanda and meeting the bank’s EduFinance criteria, can access loans within 48 hours, aiming to alleviate financial barriers to academic pursuits.
CEO of I&M Bank (Rwanda) Plc, Benjamin Mutimura, emphasized the institution’s dedication to facilitating education. “This EduFinance Programme aligns perfectly with our mission to support the education sector in Rwanda,” he said.
Dr. Jeffery Simmons, the Dean of the School at Oklahoma Christian University, expressed enthusiasm for the initiative’s potential to inspire students. “We are excited to partner with I&M Bank to offer this innovative product to our students,” he said.
The EduFinance Programme is anticipated to benefit numerous students, empowering them to pursue education without financial constraints. Additionally, parents or sponsors can participate by opening loan accounts with I&M Bank, ensuring financial support for their family members’ educational endeavors.
Simmons highlighted the anticipated increase in university enrollment, citing the initiative’s potential to alleviate financial barriers. He also outlined plans to expand academic programs for undergraduate students in Rwanda.
The programme not only provides students with a global business perspective but also immerses them in Rwanda’s dynamic economy and culture. Over 500 Rwandan students have pursued education at Oklahoma Christian University, with graduates excelling across various sectors.
Oklahoma Christian University is nationally recognized for its academic excellence and commitment to student success, offering accredited programs in engineering, business, and project management.
