Chancen International (CI) has announced the first close for its $21 million Future of Work Fund (FWF).
Aimed at realising African Union’s agenda 2063 which advocates for well-educated citizens and skills revolution underpinned by science, technology, and innovation – the Fund for ethical student financing will provide tuition for 10,000 youth in Rwanda.
It intends to expand to Kenya and South Africa in the future. The fund will boost UN Sustainable Development Goals in Africa which focuses on inclusive, equitable quality education while promoting lifelong learning opportunities for all.
Maurice Nduranu, Chairman of the CHANCEN Board, in his address at the launch, expressed that in these times and especially as the cost of living is going high, things can seem bleak, but the Launch of the Future of Work Fund is an indicator of hope.
The FWF will provide student financing with a specific focus on women and other traditionally excluded populations.
These plans are in sync with Rwanda’s targets to create 250,000 new jobs every year through vocational training as well as Rwanda’s 2050 vision to create universal access to high quality education for all Rwandans.
Data from UNESCO indicate that public spending on education in Africa is still low. In 2020, 14 countries in Africa had an average of 4.77 percent. The highest value was in Namibia at 9.41 percent and the lowest value was in Mauritania at 1.89 percent.
To boost ethical and inclusive access to quality education across the continent, the FWF will extend its model to other countries, with Kenya lined up to be the next beneficiary.
Co-Founder & CEO of CI, Batya Blankers, says, “Our vision is to provide a fair and ethical financial product to allow students to access high quality education. Income Share Agreements evaluate an individual’s future potential in terms of credit risk rather than the traditional focus on current assets and financial standing which limits access to financial products impossible for many students.”
Batya Blankers, Co-Founder & CEO of Chancen International
CI launched the FWF in 2021 with an anchor investment from the UBS Optimus Foundation, based in Switzerland.