Breaking Barriers: ISA Innovation

Tzaneen, 22/02/2024 - WaFunda, a leading social impact enterprise dedicated to enhancing educational opportunities for young people, is thrilled to announce its collaboration with Agricolleges International to introduce a groundbreaking Income Share Agreement (ISA) model. This innovative financing tool aims to revolutionize access to education by providing fair and ethical financial support to students without the burden of traditional loans.

WaFunda is renowned for its commitment to leveraging technology and collaborative partnerships to drive positive change in the education sector. With a focus on delivering education-specific digital products and fostering meaningful connections within communities, WaFunda has emerged as a valuable partner for social change.

The collaboration with Agricolleges International marks a significant milestone in WaFunda's mission to expand access to educational opportunities. Agricolleges International, with its extensive experience in the education sector, brings invaluable insights and expertise to the partnership, and to top this off, it is earmarked for the impactful and exciting Agricultural Education space.

Income Share Agreements (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 the partnership with Chancen International, an established NGO with a proven track record in managing ISAs, WaFunda aims to introduce this innovative financing tool to the South African market.

"The launch of the Income Share Agreement model underscores our commitment to fostering inclusive and accessible education," said Leana de Beer, Founder and CEO, a 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."

Key features of the Income Share Agreement include:

• Ethical Financing: ISAs provide students with ethical financing and student support, minimizing the risks associated with traditional loans.
• Income-Based Repayments: Students repay a fixed percentage of their future income, determined by their field of study and career path.
• No Collateral Required: ISAs do not require collateral or surety, ensuring that students can pursue their education without additional financial burdens.
• Support from the Future of Work Fund: The Future of Work Fund has allocated R48 million for ISAs in South Africa through 2024, further facilitating access to education.

The launch of the ISA model represents a significant step towards democratizing access to education and empowering future generations. Through collaborative partnerships and innovative solutions, WaFunda and Agricolleges International are paving the way for a more equitable and inclusive education system.

Successful applicants will be enrolled on a 1-year National Certificate course varying between Plant Production, Animal Production, General Farming and even Cannabis & Hemp.

“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.

For more information about this initiative, please send a mail to isa@agricolleges.com or visit www.agricolleges.com.

Contact Information:     

Wynand Espach

Chief Operating Officer

Agricolleges International

082 929 3346

wynand@agricolleges.com