On July 9, Father Prof. Fidèle Dushimimana, the Vice-Chancellor of Institut Catholique de Kabgayi (ICK), alongside Father Dr. Jean Marie Vianney Samarwa, the Deputy Vice-Chancellor for Administration and Finance, welcomed a delegation from CHANCEN International Rwanda.
The meeting aimed to discuss collaborative efforts to assist Rwanda’s youth in furthering their studies.
The discussions focused on the necessary steps each institution must take to achieve the shared goal of helping students from low-income families continue their chosen studies without financial obstacles.
The Income share Agreement ‘Study Now, Pay Later’ model or Income Share Agreement (ISA), specifically designed for young people under 35 years old, offers financial stability for students by covering their education costs upfront. After graduation, students repay a certain percentage of their income over a specified period.
According to Ariane Niyonsaba, the Director of Member Affairs at CHANCEN International Rwanda, the primary aim is to impact Rwandan youth by supporting them to further the study of their choice that leads to better employability.
“CHANCEN International is deeply committed to making a positive impact on Rwandan youth by financing their education. We seek partnerships with institutions that provide quality education, and ICK is renowned for equipping students with market-relevant skills,” she stated. “By financing ICK students, we aim to empower them to secure better employment based on the high-quality education and skills they acquire.”
Once a partnership agreement between CHANCEN and ICK is finalized , criteria for financial support will include being Rwandan youth, being admitted to ICK, demonstrating financial need.
“However, to reach that stage, we must first structure the partnership between ICK and CHANCEN International,” Niyonsaba added.
This Income Share Agreement ‘Study Now Pay Later’ Model is particularly beneficial for Rwandan youth who are unable to pursue their preferred studies due to financial constraints.
ICK’s Vice Chancellor expressed enthusiasm about the potential partnership, emphasizing its significance for young Rwandans unable to afford education costs.
“We are committed to preparing the necessary requirements to establish a partnership with CHANCEN International,” pledged Father Prof. Dushimimana.
Originally from Germany and headquartered in Rwanda since 2018, CHANCEN International is currently operating in four countries across Africa, including Rwanda, Kenya, Ghana, and South Africa. In Rwanda, they are collaborating with seven institutions and have financed around 3,000 plus students. As of June 2024, around 1000 have graduated and 95% of them are repaying as per their obligations.
