To boost education and infrastructure development KCB Bank has partnered with 29 public and private universities in Kenya. This partnership will provide customized financing and digital solutions to meet the financial needs of institutions, staff, students and suppliers.
What Does this Mean?
The KCB universities agreement will offer the following services to foster growth and sustainability in the education sector:
- Project Financing: Universities will get project finance to develop and maintain their infrastructure to meet the growing student numbers.
- Working Capital and Digitized Payment Solutions: The agreement will provide operational support through working capital and digital payment systems to make financial transactions smoother and more efficient for university operations.
- Staff Financial Products: Teaching and non-teaching staff will have a range of financial services including salary advances, mortgages, asset financing and insurance products tailored to their needs.
- Green Energy Solutions: In line with global efforts to combat climate change universities will also have access to green energy financing options including solar power and biogas solutions to reduce their carbon footprint and energy costs.
Benefits for Students
For students the partnership will mean:
- Fee Payment Plans: To ease the financial burden of tuition KCB will offer flexible payment plans for students to pay their fees in installments making education more accessible.
- Digital Banking Tools: Students will also have digital banking tools to manage their finances, make transactions and save money.
- Internship Programmes: KCB will run a three-month internship programme targeting over 10,000 students. The program is designed to equip students with practical skills and industry exposure to gain valuable experience before graduating.
Support for SMEs and Suppliers
In addition to universities and students KCB’s initiative will support the wider community:
- SME Financing: The partnership will offer credit and training to small and medium-sized enterprises (SMEs) and suppliers linked to the universities. This will help these businesses grow and contribute to the local economy.
- Community Engagement: The surrounding communities will also benefit from the partnership through enterprise development programs, environmental conservation projects and scholarships through the KCB Foundation.
A Strategic Move Amid Financial Pressures
This comes at a time when Kenyan public universities are facing financial challenges due to increasing student numbers and infrastructure needs. The government has been looking for ways to ease the financial burden on these institutions.
The move also supports the vision of Dr. Beatrice Inyangala, Principal Secretary of Higher Education who advocates for private sector partnerships to improve the quality and sustainability of the country’s higher education system. This partnership between KCB and universities is in line with the government’s goal for a sustainable, inclusive and digitally-enabled higher education sector.