KCB Bank has launched an initiative to support Kenyan universities through various ways including project finance and payment solutions.
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 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 non teaching staff including salary advances, asset finance, mortgages, insurance, and retirement solutions. They will also offer green climate solutions such as solarization, biogas and clean cooking, forex and investment options among others.
“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.