Banyan Global operates seamlessly within four practice areas:
Southwestern Uganda faces a severe shortage of trained health professionals, and it is also home to many vulnerable, unemployed youth. Banyan Global tackled these issues by bridging a financial barrier for aspiring nurses to complete their education and enter the medical profession. Banyan Global brokered a partnership between Equity Bank and the Mayanja Memorial Training Institute in Southwestern Uganda to tailor an education loan for would-be students without the means to pay for their tuition and living expenses upfront.
The loan allows students to pay their fees in small, regular installments over the course of their studies. The partnership between the bank and training institute has led to win-win outcomes for all parties:
With technical support from Banyan Global through the United States Agency for International Development-funded Banking on Health project, Equity Bank tailored its generic student loan product, which had targeted the guardians of primary school students, so that it is accessible directly to people between the ages of 18 and 24 and fits the Mayanja Memorial Training Institute’s semester schedule. In exchange for guarantees from the institute, including holding the certificate of students who do not complete their loan payments, Equity Bank has reduced the interest rate on this product. The bank is considering additional modifications to the product, which was launched in May 2009. Depending on its continued success, Equity Bank will work with Banyan Global to scale it up to different training institutes in Uganda and the East African region.