Furthering Education By Encouraging Savings

Many families in our corner of Tanzania face significant financial barriers that prevent them from sending their children on to secondary school. The immense enrollment fees, which include new uniforms, shoes, books, school supplies, lunch contributions and more, cost parents $216,000 shillings, the equivalent of $94 USD. With annual incomes in our community averaging at $300 USD, parents are often unable to put one third of their earnings towards school fees. 

The Akiba Program aims to bridge that financial gap that exists for these families, allowing students to continue their education at the secondary level. The Akiba Program educates parents on the importance of starting to save for their child’s education and provides financial incentives to participants. When a student enters Standard 6, the Akiba Program opens a savings account for families, inviting parents to contribute $5,000 shillings a month. For every contribution, TCF will provide $1,000 shillings in interest. When students reach Standard 7, the final year of secondary school, we invite parents to contribute $10,000 shillings. For every $10,000 shillings saved, TCF contributes $2,000 shillings. 

Recognizing the additional financial challenges many families are facing as a result of the pandemic, this year, we are making saving even easier. In previous years, parents have been able to make contributions during limited, scheduled time-slots. Starting in 2021, students are allowed to bring contributions to our GPS Education Director at any time. Our Education Director then provides each student with a receipt that they can bring to their parents to confirm that the funds were received. This additional flexibility makes it even more convenient for working parents to participate in the Akiba Program. We also formalized a committee who could act as advocates of The Akiba Program, empowering them to educate families in their villages about the many benefits. 

Since 2019, 97 parents have participated in The Akiba Program, allowing students to continue their success at the secondary level!