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Airtel Money Uganda, the country’s biggest mobile money service, has teamed up with SchoolPay and Sanlam Investments to launch SchoolPay Savings—a new financial product aimed at helping parents save gradually for their children’s school fees. The initiative targets millions of Ugandan families who often face sleepless nights and last-minute financial pressure whenever school term fees are due.
The service allows parents to deposit any amount from as little as Sh5,000 at any time, without fixed schedules or a minimum balance requirement. Savings will earn 8% annual interest, calculated daily, giving families a chance to grow their education funds while enjoying the convenience of Airtel Money’s nationwide mobile network.
Speaking during the launch, Japheth Aritho, Managing Director of Airtel Mobile Commerce Uganda Limited, said the new product directly tackles one of the biggest financial headaches for parents. “For many Ugandan families, school fees payments create sleepless nights of financial anxiety. SchoolPay Savings changes that story forever. Instead of panic when fees are due, parents can now confidently grow their savings while reducing the burden—and the savings earn interest too.”
One of the most attractive features of SchoolPay Savings is that there are no withdrawal charges when paying school fees directly from the savings wallet. This removes a major barrier that has often stopped parents from accessing their own money for educational expenses.
Under the arrangement, all savings will be securely invested in Sanlam’s regulated Unit Trust Scheme, managed by Sanlam Investments East Africa Limited, which is licensed by the Capital Markets Authority of Uganda. This ensures funds are both safe and professionally managed.
Giles Aijukwe, CEO of Fincom Technologies, the company behind the SchoolPay platform, said the partnership was about long-term financial empowerment for parents. “Our mission has always been to make school fees payments simple, secure, and stress-free. With SchoolPay Savings, we are taking that vision further by empowering parents to plan ahead and grow their savings. This partnership ensures that every shilling set aside for education works harder for the family and for the future of our children.”
The product combines three strengths: Airtel Money’s extensive mobile money infrastructure, SchoolPay’s trusted school fees payment system, and Sanlam Investments’ fund management expertise. This integration is designed to make saving and paying for education as seamless as possible, especially for rural and low-income families who may lack access to formal banking.
The product is available exclusively to parents who pay school fees via the SchoolPay platform. This means families can save, track, and pay all within one secure, cashless system—reducing the need for risky cash handling and long bank queues.
Uganda has one of the youngest populations in the world, with millions of school-age children. However, rising tuition fees and irregular income patterns make it difficult for many households to plan ahead. Financial experts say products like SchoolPay Savings could promote financial discipline, boost school attendance, and reduce dropout rates linked to delayed or unpaid fees.
By offering interest on savings and removing withdrawal charges, the partners believe they are addressing two of the biggest barriers to education savings: the lack of incentives to save and the high cost of accessing funds.
With this move, Airtel Money, SchoolPay, and Sanlam Investments are positioning themselves not only as service providers but also as key players in Uganda’s education financing ecosystem, offering a long-term solution to a persistent challenge.
