This is a digital loan product for MTN MoMo subscribers, powered by Furaha, that allows eligible customers to access school fees loans through the MTN MoMo platform.

The funds are disbursed directly to student codes, ensuring secure and targeted payment to educational institutions.

Customers can access the service by dialing *165*80# and selecting School Fees Loan from the menu.

Key product features include:

• Processing Fee: 3% of the disbursed school fees amount
• Interest Rate: 5% per month
• Repayment Period: 3 months, with flexible weekly or monthly instalment options
• Penalty: 2.5% of the outstanding value

Follow these simple steps to sign up on the Furaha App; 

1. Dial *165*80# and select School Fees Loan.
2. You will be prompted to enter the MTN MoMo PIN and accept Terms and Conditions.
3. A message is sent to confirm your registration.

Once you have successfully signed up, follow the below steps to take up a School Fees Loan: 

1. Dial *165*80#
2. Select School Fees Loan
3. Select 1 to proceed
4. Select Take a loan 
5. Enter amount (This should be within the Minimum and Maximum amount)
6. Select the school fees aggregator and enter student code 
7. Review displayed student details 
8. Select how to pay (Weekly, Monthly)
9. Review loan details and confirm to pay school fees

Through USSD The minimum loan amount one can access is UGX 200,000 and the maximum loan amount is UGX 400,000. 

However, you can access higher limits by downloading Furaha App 

Specific customer limits within the minimum and maximum ranges are determined by our various capability assessment criteria.

No, you cannot change the repayment frequency of your School Fees Loan once you have successfully applied and received it however, you can pay before your scheduled repayment date.

No, you can only take a School Fees Loan for one child. 

You can take another loan after paying off the first loan. 

We will provide for the multiple loans option soon!

No. The School Fees loan is disbursed directly to your child’s school. This means that the school should be using either School Pay or Pegpay for their school fees collection.

The School Fees loan currently supports children within Pre-Primary, Primary and Secondary levels of education.

We shall soon add financing options for tertiary, universities and post-graduate levels of education.

You will need to contact your child’s school to obtain the name of the aggregator and   student code. 

Please note that the school fees Loan can only be paid through School Pay and PegPay at the moment.

During the application for a School Fees Loan, the school fees balance will be displayed once you enter your child’s student registration number.

In case no balances are shown, please contact the school for an update before proceeding with the application process. 

The loan approval process is instant.

If the application is declined, you will be notified on the rejection reason. You may apply again after resolving the rejection reason.

No. You cannot edit details of the loan application once you have reviewed and submitted.

To be eligible for The School fees loan, the criteria is as below;

1. Be a resident of the Republic of Uganda, 
2. Possess a valid National Identification Card
3. Have an active transaction history on MTN mobile money wallet.
4. Have a good financial credit history as per the Credit Reference Bureau.

Loan eligibility considers multiple sources of information in the credit decisioning process such as your mobile money wallet activity, credit history based on information from the Credit Reference Bureaus, school fees payments history and other AI driven algorithm.

Upon successfully signing up, we will display your eligibility status. In case you are eligible, you will see the limit of the school fees loan you can take. 

In case you are not eligible, we shall notify you through the SMS and while you are trying to take the loan. Should your status change, you will be notified accordingly.

Please note that your due instalments will be debited from your MoMo wallet after the due date. 

However, you can make voluntary repayments from the USSD menu.  

1. Dial *165*80# 
2. Select School Fees Loan and enter MoMo PIN
3. Select 1 to proceed
4. Select Repay loan 
5. Select the repayment option (Due Amount, Full amount or Partial amount) 
6. Enter the amount to repay in case of partial option 
7. Review amount to be debited and confirm
8. You will receive payment confirmation showing the amount debited from your Mobile Money account and loan balance.

You have the option to make weekly or monthly repayments. However, eligibility for monthly repayments is based on internal policies.

No. This feature is not currently enabled  

Yes. Automated repayments are a default set up at the point of loan application i.e Weekly or Monthly.

The school fees loan tenure is three (3) months. (Tenure is the re-payment period)

No. You cannot choose the duration of your loan tenure / re-payment period because the school fees loan tenure is three (3) months.

No. There are no penalties for early repayment. However, overdue repayments will attract a penalty of 2.5% on overdue amount.

Yes, you can view your loan statement details:

1. Dial *165*80# and select School Fees Loan
2. Enter MTN MoMo PIN
3. Select 1 to proceed
4. Select My Account Information
5. Select View mini statement 

You access more details on both active and historical loans, download the Furaha Mobile App.

To view your loan balances:

1. Dial *165*80# and select School Fees Loan
2. Enter MoMo PIN
3. Select 1 to proceed
4. Select  Loan balances.

(Your loan balances will be displayed)

KFD is a summary of your current loans. This includes details of the loan amount, student name, school details, charges, repayment installment(weekly/monthly) and the lender.

To view your Key Fact Summary.

1. Dial *165*80# and select School Fees Loan
2. Enter MoMo PIN
3. Select 1 to proceed
4. Select My Account Information
5. Select Key Facts

To view more details on key facts document, download by the Furaha Mobile App.