KCB has launched a proposition that seeks to finance institutions of higher learning. This comes at a time when these institutions having been experiencing liquidity issues due to the government cutting funding to the education sector.
The financing proposition seeks to support them on project finance, infrastructure development and digitized payment solutions including the staff and their students.
This initiative, whose first phase involves 29 public and private universities will see the Bank provide tailored financial and non-financial solutions designed to address the needs of universities across the country. They will also offer financial wellness products for teaching and nonteaching staff. This includes salary advances, asset finance, mortgages, insurance, retirement solutions. As well as green climate solutions such as solarization, biogas
and clean cooking, forex and investment options among others.
KCB Bank Kenya Managing Director, Mrs. Annastacia Kimtai, said, “We are reimagining support for the country’s higher education sector. This initiative seeks to unlock new opportunities for the education sector while enhancing its sustainability, growth, and socio-economic impact. We recognize the pivotal role universities play in knowledge generation, innovation, and economic growth. We are therefore stepping in to co-create value with these institutions to ensure their long-term sustainability.”
The staff will be able to get affordable mortgages, personal loans, prepaid cards, pension solutions, comprehensive insurance coverage and multicurrency prepaid cards. Additionally, they will be empowered through financial literacy sessions aimed at strengthening their financial well-being and long-term financial security.
The student-focused solutions include fee payment plans, financial tools such as student accounts and prepaid cards to support money management. As well as a three month internship program designed to equip over 10,000 students with practical skills and industry exposure and digital banking tools to enhance financial literacy.
The SMEs and suppliers’ support will be through financial assistance to access affordable credit facilities and capacity building through training and mentorship. In a bid to foster business growth through initiatives such as Partner Kwa Ground and targeted MSME financing.
Surrounding communities will benefit from this partnership through the KCB Foundation in partnership with university-led CSR projects. The opportunities will include enterprise development, environmental conservation, skills development under the 2Jiajiri program and scholarship programs.
According to recent government data, most public and chartered universities in Kenya face funding shortfalls amid growing student populations and infrastructural needs.
The KCB ecosystem proposition will be implemented in collaboration with various public and private institutions, reinforcing the Bank’s role in driving financial inclusion, youth empowerment, and economic transformation in Kenya