Rwandan students to benefit from I&M Bank, Oklahoma Christian University affordable financing partnership

I&M Bank Rwanda, through its EduFinance Programme, has extended a Memorandum of Understanding (MoU) with Oklahoma Christian University–Rwanda to expand access to affordable higher education through low-interest academic loans. Under the partnership extended on May 21, the bank will offer education loans at an annual interest rate of 9 per cent, down from the previous rate of 14.5 per cent, which is significantly lower than prevailing market lending rates. The loans will support eligible students recommended by the university for both Bachelor’s and Master’s degree programmes. The partnership is also expected to help increase Rwandan student enrolment at Oklahoma Christian University as it enters a new phase, while celebrating its 20th anniversary partnership with the Rwandan government. According to the bank, an initial foundation fund of Rwf260 million has been established and could grow over time through mobilisation efforts involving the university’s alumni network. The university says the initiative is aimed at creating a sustainable education support system that can benefit future generations. Partnership aimed at expanding university education access The signing ceremony, held at Norrsken Kigali, was attended by Oklahoma Christian University directors and officials including John deSteiguer, Vice Chancellor; Brian Starr, President for Academic Affairs; Alice Rwigyema, an alumna and leadership coach; Ivan Mbaraga, Executive Director of OC Rwanda; and other brains behind the institution’s growth and commitment to supporting Rwanda’s development and expanding access to world-class education since its relocation to Kigali. Benjamin Mutimura, Managing Director of I&M Bank Rwanda, said the bank has developed a flexible and accessible approach to financing education -- one that responds to the needs of students and families. Mutimura was speaking during a panel discussion on how institutions can contribute to education, sustainable investment, alumni engagement, community support, and other initiatives aimed at strengthening skills development. They explored how financial institutions can play a greater role in entrepreneurship financing, education, economic growth, and national development. Bank highlights role of education in economic growth He noted that the bank is also proposing new ways to open doors for the business community, underscoring that investing in quality education is key to increasing productivity and supporting private sector growth. “By increasing productivity, we will be able to support the business community. We want to be a private sector-led country. We can only achieve that through cooperation,” he said. “I&M Bank is prepared to do the same, to come up with a solution, and most importantly, to give rates which are very competitive to support the economy.” Mutimura also stated “at I&M Bank, we are intentionally investing in Rwanda’s future by making quality education more accessible and affordable. Offering education loans at this rate demonstrates our commitment to empowering students and families. This partnership with Oklahoma Christian University aligns with the bank's shared vision to drive inclusive growth and support the development of a highly skilled workforce for the country, he stated. According to the parties involved, the EduFinance Program is expected to benefit numerous students by removing financial barriers that often limit access to higher education. Student financing, parents and sponsors can also participate by opening education loan accounts with I&M Bank, enabling them to actively support their family members’ academic journeys. Alumni-backed fund to support future students Ivan Mbaraga, Executive Director of Oklahoma Christian University, said that the university is celebrating its 20th anniversary and as they get into the new phase, they realise that there's a need to increase access to opportunities, including programmes that the university offers to Rwandan students. He said that over 20 years, the University has had over 700 alumni that have graduated from its programmes, both here in Rwanda but also from Oklahoma Christian University's main campus in Oklahoma City, in the United States of America. “We want to grow the number from 700 to maybe a few more thousands, but to do that we have to figure out frameworks that are suitable to help Rwandans have access to our programmes and one of them is introducing the partnership with I&M Bank,” he said. We're partnering with the bank to create an access facility, but that facility to be at reasonable interest rates at a single-digit number requires that the alumni community contribute towards a fund that will de-risk the loan facilities so that more students can access them at an interest rate that is affordable,” he said. Mbaraga acknowledged that the market rates on accessing financing for education is in the double digits, so this particular arrangement where the alumni community of the university comes in allows for the bank to have more resources available to reduce the interest rates for the other students that are choosing to do their education with Oklahoma Christian University. “We look at a future where that fund will grow and be used to provide scholarship opportunities, so that a student who cannot afford the programme but qualifies for it can be supported by the OC alumni community to access that education. That is the future we are planning for within the next 20 years,” he added.

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Rwandan students to benefit from I&M Bank, Oklahoma Christian University affordable financing partnership