from PHYLLIS BIRORI in Kigali, Rwanda
Rwanda Bureau
KIGALI, (CAJ News) – THE pioneering social enterprise, Chancen International, is expanding its fair finance model across Africa.
It is targeting 60 000 students and US$130 million in student financing deployed by 2029, up from 10 000 students financed to date.
The company is already operating in Kenya, Ghana, Rwanda and South Africa.
The repayment rate now stands above 95 percent.
Backed by $30 million raised from approximately 20 impact investors, Chancen International is doubling down on its fair finance model and expanding across existing and new markets.
It believes its outcomes-based financing model, which invests in young people’s potential and takes an equity stake in their future earnings, directly addresses that gap.
“This is not charity. This is a sustainable, market-based financing solution that can deliver high impact at scale,” Batya Blankers, Co-Founder and Chief Executive Officer of Chancen International, said.
Chancen’s model works across a range of courses, from boot camp and vocational programmes through to bachelor-level degrees, and is hailed for generating income increases of up to three times the national median for Chancen graduates.
“Traditional financial institutions rely on credit history, family background or guarantees. We evaluate future earning potential instead. That means we can finance students from households earning as little as two dollars per day,” Blankers said.
With over 10 000 students financed across Rwanda, Kenya, South Africa and Ghana, and $30 million raised from around 20 impact investors, Chancen is scaling to 60 000 students and $130 million raised by 2029.
– CAJ News