Chancen International
Tertiary education—university or vocational—can change a whole family's economic trajectory, but those who need it most can't afford it.
The Idea
Income Share Agreements
Total Investment
2100000
Grants
0
Equity/SAFE
0
Debt/Convertible Debt
Funded Since
2019
Geography
Sector
Structure
The Mission
Get excluded kids into lucrative careers.
How It Works
Chancen offers no-risk financing through ethical Income Share Agreements (ISAs): an arrangement where an investor pays for a student’s education, and is paid back through a small, capped share of their post-graduation salary over a set number of years. They target the students most often overlooked and finance high-potential courses of study, then work with selective educational institutions that have high employment rates for graduates.
The Dream
Any student in Africa can afford higher education through ethical ISAs, run by financial institutions and regulated by government.
Why We're In
The incomes Chancen graduates earn—4x Rwanda’s national median income—are life-changing. They’ve launched a rigorous impact study and are working in four key African markets. They’re still iterating on how to simplify the most complex things they do. Chancen has a 97% repayment rate so far; now they have to show that returns can attract investors, while baking the ethics into their agreement structure.
The Model
A solution that works and can scale.
Partner with the Right Institutions
Find education providers with high post-graduation employment rates
Enroll the Right Students
Enroll excluded youth from mostly low-income and rural backgrounds and a majority of women
Fund via ISA Contract
Ethical terms, including fair yearly payments, a cap on maximum amount repaid, and minimum salary requirements, with money going directly to education providers
Provide Wrap-Around Services
Students get financial literacy and career transition support
Get Repaid
Relationship-building for positive repayment behavior and enabling market systems
Potential for Impact at Scale
Mulago uses four criteria to gauge potential for exponential impact. The model must be:
This is about impact and evidence. In 2025, Chancen graduates in Rwanda earned an average of $199 per month, as compared to the national median salary of $49 per month. They are in the middle of a more rigorous assessment to test if ISAs have consequential impact on incomes, and they expect initial results in 2026. They have surpassed their targets to reach more excluded applicants (63% women, 85% rural, 67% from under $2/day households) in all four countries where Chancen are working.
This is about scope. ISAs are a new concept in sub-Saharan Africa and must integrate into financial and educational systems. Chancen is partnering with 42 universities and technical schools in Rwanda, Kenya, Ghana, and South Africa, but more schools need to sign on to create enough spots for potential students. They are working to show investors that ISAs are financially attractive and to establish regulations preventing predatory financial behavior. Constraints: this solution requires enough quality educational institutions that have high employment rates, and a regulatory environment that can enforce ethical ISAs going forward.
This is about whether other financial institutions can deliver the model. It’s early days and Chancen remains the only financial institution doing ISAs in Sub-Saharan Africa. They currently do everything from market ISAs to relevant youth populations, find and select education institutions, financing ISAs directly, and manage repayments. They are simplifying the model for users (ISA students/graduates) and future financiers by introducing a digital tool—Chancen Champion—that streamlines the ISA process and can integrate with banking systems.
This is about what the model costs if delivered by other financial institutions and whether customers (graduates) are willing and able to pay. Recently, Chancen reached break-even in South Africa and meets 60% of its costs through ISA-repayment in Rwanda. Their target market return rate on an ISA is 8-10%, which they think is a balance between what will be attractive to investors and beneficial to students. The high repayment rate is a strong signal that the current structure works for students but so far, Chancen remains the only investor offering ISAs.
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Chancen is in late R&D stage, honing the model and testing it in different markets.
Our Take
Chancen is in late-stage R&D. They have persuasive evidence that graduates can make more than 4x the national median income. We want to see a closer counterfactual through the rigorous impact study. The need in Africa is huge, and we know the solution works well in Rwanda. They’ve made good progress in Kenya but it’s too soon to tell whether it will be as successful in other new markets. The model is complex and Chancen is the only doer. They’ve been testing partnerships with banks and other financial institutions and exploring automation of key processes for more ease of replication. Student repayment is high and Chancen has positive expected returns, but it’s not clear if this will be enough to attract other investors.
Are you a serious funder and want to learn more?
This is just a snapshot of what we know about the organization. If you're an investor or funder that might send some serious dough their way, we're always delighted to share more. Reach out and we'll connect you with the right person on our team.
*this is not monitored for funding requests.
