KCB Bank has launched a business proposition for institutions of higher learning to support them on project finance, infrastructure development and digitized payment solutions including the staff and their students in a bid to transform the country’s education sector.
This initiative, whose first phase has taken 29 public and private universities will see the Bank provide tailored financial and non-financial solutions designed to address the operational, developmental, and social needs of universities across the country.
The proposition includes operational financing for universities such as project
finance, infrastructure development, working capital, and digitized payment
solutions. This is in addition to financial wellness products for teaching and nonteaching staff including salary advances, asset finance, mortgages, insurance, retirement solutions and green climate solutions such as solarization, biogas and clean cooking, forex and investment options among others.
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“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,” said KCB Bank Kenya Managing Director, Mrs. Annastacia Kimtai. “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,a three month internship programme 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 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.
This announcement comes at a time when the higher education sector is experiencing increased demand for accessible and inclusive financing models.
According to recent government data, most public and chartered universities in
Kenya face funding shortfalls amid growing student populations and infrastructural needs.
“We are seeking to collaborate with the private sector to drive the transformation of higher education. This initiative aligns well with government efforts to make higher education more sustainable, inclusive, and digitally enabled,” said Dr. Beatrice Inyangala, Principal Secretary, State Department of Higher Education and Research.
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.
