Prodigy Finance Launches $30 Million Africa Boost Programme

[London, September 2024] - Prodigy Finance, a leading global higher education finance company, announces the launch of their $30 million Africa Boost programme in collaboration with The Standard Bank of South Africa Limited and Allan & Gill Gray Philanthropies.

The programme aims to maximise the provision of student loans, combining junior capital and senior financing from Allan & Gill Gray Philanthropies and Standard Bank, respectively. For every $1 of capital donated, $4 of capital can be provided to students. Net proceeds from student repayments are also reinvested in new student loans, enhancing the impact of the philanthropies' capital contribution. This efficient method supports more students than traditional scholarships, aiming for substantial social impact and financial returns.

"Providing access to education is a vital and effective catalyst behind sustainable social upliftment in Africa. We are proud to partner with Prodigy as they continue with their success in empowering students to achieve their personal goals”,” said Justine Crommelin, Standard Bank SVP, Securitisation Debt Capital Market.

Prodigy Finance aims to increase the Africa Boost programme to $200 million over the next three years, amplifying its reach and transformative potential. Prodigy seeks partnerships with entities sharing their vision of combining financial innovation with social impact.

Projections by HolonIQ indicate a surge in international student numbers, with three-quarters of new graduates coming from Asia and Africa by 2050. Africa faces a youth unemployment rate of 60%, and bridging the skills gap could increase Africa's GDP by 2%, according to the IFC. By focusing on African students, Prodigy Finance is committed to levelling the playing field and fostering diverse global leadership.

"We aim to unlock Africa's untapped potential. This initiative will transform countless students' educational and professional trajectories, fostering a new generation of leaders," said Cameron Stevens, CEO of Prodigy Finance.

The Africa Boost programme also addresses gender disparities in education and leadership, aiming to increase the number of women pursuing postgraduate education. Prodigy Finance invites like-minded organisations to join in creating a more inclusive and prosperous future for all.

About Prodigy Finance 

Founded in 2007, Prodigy Finance is an international student lender that has helped over 40,000 postgraduate master's students attend top universities. To date, Prodigy Finance has disbursed over $2.1bn in funding to students from more than 150 countries. 

Prodigy Finance is fueled by financial institutions and impact investors who invest in tomorrow's leaders, earning both financial and social returns. Their borderless lending model enables students to apply for loans based on future earning potential, not just current circumstances or credit history.