KAMPALA: Stanbic Bank Uganda has launched a new Dollar school fees payment function on Flexipay where parents can pay school fees in Dollars, which makes it much easier for parents to pay tuition fees to international schools.
The schools can now receive fees directly in United States dollars. This reduces the transaction costs and the inconvenience of carrying out physical currency conversions.
The solution was officially unveiled during the second edition of the Stanbic International Schools Breakfast Meeting held at Four Points Hotel in Kampala under the theme ‘Partnering for Growth’.
Tunde Thorpe, the Executive Head Business Commercial Banking (BCB) at Stanbic said the innovative solution was born out of direct feedback they received from stakeholders during last year’s breakfast meeting.
“We believe that meaningful investment in the education sector is not only strategic, but essential for national development. With this Mobile Dollar Account, parents in and outside the country can conveniently send and pay school fees using our FlexiPay app,” he said adding that the initiative aligns with Stanbic broader purpose: ‘Uganda is our home. We drive her growth’.
He added that while the government continues to invest in the education sector, it is clear that the private sector also has a vital role to play in creating opportunities for our youth to receive quality education.
“In today’s interconnected world that is highly competitive and fast-paced, we can no longer limit ourselves to a solely local curriculum. For Uganda to make a meaningful impact on the global talent landscape, it is essential that our children receive a strong foundational education, such as the international curricula offered by institutions like yours. This strategic approach will position Uganda as a feeder for global talent from an early stage, opening up endless opportunities for our nation.” Tunde said.
For several years now, international schools in Uganda have faced challenges collecting school fees in foreign currencies, often incurring losses due to unpredictable exchange rates and conversion fees. Stanbic’s new digital offering aims to change all that.
Harriet Senkali, the acting Commissioner for Private Schools at the Ministry of Education and Sports, welcomed the development. She said it strengthens the competitiveness of Uganda’s international schools on the global stage.
“Uganda currently boasts 79 international schools offering various international curricula. Therefore, supporting these institutions with credible financial solutions is critical. Many schools struggle and close due to operational challenges that can be resolved through partnerships like this,” she said.
Albert Yiga, the Stanbic Bank Manager for the Education Sector described education as the ‘heartbeat of the economy’, describing it as the breeding ground for future leaders. However, he highlighted that the bank’s support to the sector goes beyond the Mobile Dollar Account.
“From infrastructure loans to vehicle and asset financing, insurance solutions, and our Flexi Loan of up to UGX 500 million, we are committed to empowering schools, parents, and the broader education ecosystem,” Yiga said.
