WaFunda, a social impact enterprise dedicated to enhancing educational opportunities for young people, has announced a collaboration with AGRICOLLEGES international to introduce an innovative income share agreement (ISA) model. This tool aims to shake up access to education, providing financial support to students without the burden of traditional loans.
WaFunda’s commitment to leveraging technology and collaborative partnerships for positive change in the education sector has made it a valuable force for social impact. The collaboration with AGRICOLLEGES international is a significant milestone in its mission to expand access to educational opportunities, particularly in agricultural education.
ISAs represent a paradigm shift in education financing, offering students a viable alternative to traditional loans. Modelled after the principles of fairness and equity, ISAs enable students to fund their education without the risk of accumulating burdensome debt.
Through a partnership with Chancen International, a renowned NGO with a proven track record in managing ISAs, WaFunda aims to introduce this innovative financing tool to the South African market.
Breaking educational barriers
“The launch of the Income Share Agreement model underscores our commitment to fostering inclusive and accessible education,” said Leana de Beer, founder and CEO of WaFunda. “By partnering with AGRICOLLEGES international and leveraging learnings from the Chancen ISA model, we are empowering students to pursue their educational aspirations without financial constraints.”
The key features of the Income Share Agreement include ethical financing, income-based repayments, and no collateral requirements, ensuring that students can pursue their education without additional financial burdens. The Future of Work Fund has also allocated R48 million for ISAs in South Africa through 2024, further facilitating access to education.
Successful applicants will be enrolled in a one-year national certificate course, varying between plant production, animal production, general farming, and even cannabis and hemp farming.
“Agriculture will continue to play a major role in the future success of our country, and empowering our youth in this field is what this partnership is all about,” says Wynand Espach, COO at AGRICOLLEGES International.
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