FINCA Uganda, one of the country’s first Microfinance Deposit taking Institutions, recently launched a perpetual scholarship fund for her customer’s children to be able to pursue or continue with education at tertiary institutions of learning. The FUND which has been named ‘+10 educational fund’ will cover tuition fees for 10 students throughout their entire campus period.
This project comes just in time for the celebration of 25 years that FINCA Uganda has empowered Ugandan communities through their financial welfare.
While launching the Fund at their Head Office on Acacia Avenue in Kololo, the Chairman Board of Directors of FINCA Uganda, Mr. James Semakadde said that clients try their level best to educate their children for a better future even with limited resources but most of the parents are not able to see their children complete school due to the high tuition costs especially at the tertiary levels of education.
“As a result, children end up dropping out of school at the most critical time and hence are not able to realize their dreams; let alone rendering the efforts and dreams of their parents hopeless. This is indeed very frustrating to both the parents and children hence explains the continued poverty cycle in families,” he added.
In his remarks about the launch of the programme, The Managing Director, FINCA Uganda Mr. James Onyutta remarked that setting up a scholarship fund is a great way to give back to communities and create a legacy that endows FINCA’s philosophies and beliefs into perpetuity.
“Therefore, in line with our Mission, we have set up an education trust/scholarship fund to support children of our less privileged clients at the tertiary levels (university and other institutions of higher learning) so they can improve their standards of living in the future,” he concluded.
The FINCA Uganda scholarships are competitive for all FINCA clients. The criteria of eligibility is clearly spelt out below and will be strictly followed.
The Criteria to be followed:
- Children of the existing less privileged clients of FINCA Uganda.
- Children who have shown consistent academic achievement in their past grades.
- Parents must prove their incapacity to fund their children’s school fees. I.e. applications will be properly analyzed to avoid abuse.
- Only one child per family at any given time qualifies for the scholarship.
- Children must be able to complete their courses within the allowable duration. I.e. one or two years for diploma and three years for degree courses.
- Initially only three year courses will be funded (the initial duration of the scholarship fund). However, exceptions will be dealt with by the selection/vetting committee.
- Applicants should have proof of admission to the respective tertiary institutions of learning.
- School fees will be directly remitted to the beneficiary institutions on a semester/termly basis.
- Beneficiaries will be continuing students or those who have been out of school for a maximum period of one year; e.g. due to lack of school fees.
- Parents of the beneficiary students must continue to bank with FINCA for the entire scholarship period.
- Winners of the scholarships will be announced in the media and in all FINCA Uganda locations countrywide.
How to apply
- Applications forms will be picked from the microfinance’s 27 branches across the country and also returned to the same addresses with in the application and submission timelines. Forms can also be downloaded from the FINCA Uganda website and returned to the nearest branch.