THE Reserve Bank has begun engaging financial institutions willing to partner the apex bank for the financing of the tuition loan scheme for higher and tertiary education students.
The central bank in the January 2017 Monetary Policy Statement announced that students in higher and tertiary education institutions will as from August start getting educational loans to assist parents and guardians who are struggling to pay fees.
In a statement yesterday, the RBZ called for proposals for the implementation and administration of the educational loan facility for higher and tertiary education programmes.
“In order to facilitate the envisaged student assistance, the Bank invites proposals from financial institutions registered in terms of the Banking Act (Chapter 24:20) and the Microfinance Act (Chapter 24:29) for the re-establishment of the Educational Support Facility and administration of loans or facilities or any financial accommodation extended in terms of the said facility,” reads the statement.
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