Prodigy Finance, a leading global education finance company, has announced the launch of its innovative $30 million Africa Boost programme. The initiative, created in collaboration with The Standard Bank of South Africa Limited and Allan & Gill Gray Philanthropies, aims to empower the next generation of African leaders by expanding access to higher education for African students.

The Africa Boost programme is a pioneering model of financial inclusion that combines donations with senior financing. For every $1 of capital donated, $4 of student loans can be provided. This innovative structure ensures that more students can benefit compared to traditional scholarships. As students repay their loans, the funds are reinvested into new loans, maximizing the impact and creating a sustainable cycle of support for African students.

A Catalyst for Sustainable Social Upliftment

"Providing access to education is a vital and effective catalyst behind sustainable social upliftment in Africa," said Justine Crommelin, Senior Vice President of Securitisation Debt Capital Markets at Standard Bank. "We are proud to partner with Prodigy Finance as they continue their success in empowering students to achieve their personal and professional goals."

The Africa Boost programme is part of Prodigy Finance’s broader mission to address the challenges that many talented African students face in financing their education. The company plans to increase the programme's size to $200 million within the next three years, amplifying its reach and transformative potential.

Bridging the Skills Gap in Africa

Africa, which faces a youth unemployment rate of 60%, is in urgent need of initiatives that foster skill development and education. According to projections by HolonIQ, by 2050, three-quarters of new graduates will come from Asia and Africa. As the continent continues to grow, addressing the skills gap could lead to a 2% increase in Africa’s GDP, according to the International Finance Corporation (IFC).

By focusing on supporting African students through postgraduate education, Prodigy Finance is directly contributing to bridging this gap. The programme empowers young Africans to compete on the global stage, while also fostering a diverse and inclusive leadership pipeline for tomorrow’s world.

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

A Focus on Gender Inclusion

In addition to addressing the broader challenges of education financing in Africa, the Africa Boost programme specifically seeks to tackle gender disparities in access to higher education and leadership roles. By providing targeted support to female students, Prodigy Finance aims to increase the number of women pursuing postgraduate degrees, helping to create a more equitable and prosperous future.

Building a Collaborative Future

Prodigy Finance’s Africa Boost programme is built on the foundation of partnerships and collaboration. The company is actively seeking like-minded organizations and institutions to join its mission of combining financial innovation with social impact.

Prodigy Finance’s borderless lending model has already helped over 40,000 students from more than 150 countries secure funding for postgraduate studies at top global universities. With over $2.1 billion in funding disbursed to date, the company has demonstrated the power of combining private capital with social impact.

As Africa continues to grow and develop, initiatives like the Africa Boost programme are critical in shaping the continent’s future. By unlocking educational opportunities for talented young Africans, Prodigy Finance is playing a key role in fostering the next generation of leaders who will drive social and economic progress across the continent.