Local firm Educate has partnered UK-based fintech company SympliFi to develop a product that enables Zimbabweans based in the United Kingdom invest in the education of their loved ones back home.
Simplifi is based in London, with operations in Zimbabwe, Nigeria, and Tanzania.
This innovation comes against rising costs of eduactiion, with many Zimbabweans now struggling to pay fees for thier families.
It is also in line with the sustainable development goals, goal number 4 which is quality education.
Educate partnered with SympliFi to enable Zimbabweans in the United Kingdom to serve as guarantors for education loans. SympliFi’s digital service enables the diaspora to complete the guarantor process in a matter of minutes on their phone or computer, and perhaps most importantly, it is a fee-free service for the guarantor.
“We are always looking for more ways to improve people’s lives and our partnership with SympliFi will help advance our mission of improving access to quality education for Zimbabweans,” stated Terrence Mugova, co-founder and managing director of Educate. “We are so excited that we no longer have to turn away potential customers and can now help a larger part of the population, without any barriers or borders.”
The technology allows the diaspora to support educational funding for loved ones in Zimbabwe without using traditional high-fee remittances that normally need one to travel to some physical brach for services.Other benefits are that it delivers a borderless financial transaction and it can be done in minutes with zero fees.
Educate provides easily accessible and affordable financing solutions to enable students to attend any one of its 53 education institution partners across Zimbabwe, Rwanda, Zambia, and South Africa. The service is set to benefit Zimbabwean’s with relatives attending any of Educate’s education institution partners beginning in August.
“We are excited about entering the Zimbabwean market with Educate and to support their important mission of increasing access to education. We believe the diaspora are eager to find new and innovative ways to support the economic empowerment of their loved ones back home and the country in general. We believe education is an integral part of that support,” said Maurice Iwunze, co-founder of SympliFi.