Equity has entered into a partnership with the Kenya Private Schools Association (KPSA) to support and provide financial solutions to all private schools under the KPSA umbrella.
Through a Memorandum of Understanding (MoU), private schools will now access development and mortgage financing solutions of up to Ksh 200 million and unsecured facilities of up to Ksh 3 million.
Commenting on the signing of the MOU, Mutheu Kasanga, KPSA Chairperson recognized the role played by Equity in supporting the development of the education sector through provision of affordable financing solutions for private education institutions especially post COVID-19 and with the re-opening of the schools.
“As KPSA, we have partnered with the Ministry of Education and other stakeholders to set up a framework that will enhance the quality of education for our children as well as address compliance issues. I wish to thank Equity for partnering with us especially during this period and for providing a variety of solutions that will meet the individual and corporate needs of our members.” she said.
Charles Nyoro, Equity’s General Manager, Asset Finance said that the partnership will see the lender strengthen its relationship with KPSA and deepen its support to the education sector.
“As schools re-open we are offering them integrated financial services that socially and economically empower our customers operating within the education sector. This partnership will see KPSA members enjoy affordable financing with flexible repayment terms in project development financing, working capital financing and in moveable asset financing enabling schools to recover from the adverse economic effects of COVID-19.” he added.
KPSA represents private schools across the country including; kindergartens, primary and secondary schools, and private teacher training colleges, which are duly registered by the Ministry of Education and offering a curriculum approved by the Government.
The Association is committed to implement the “philosophy of learning by doing” in an effort to mould all-around children who are critical thinkers, problem solvers, fit for the 21st century development agenda.
In Kenya, private schools compliment Government’s efforts of providing holistic education in the country. Most of these schools depend on proprietor working capital, business injections and financing from financial institutions to sustain their day to day operations. To further cushion them, Equity has waived the registration and annual subscription fees on their online banking platform for SMEs and Corporates, EazzyBiz, enabling schools and other institutions to have a global view of their finances at all times and end to end cash and liquidity management.