NBK dedicates Sh2 billion in flagship education sector financing scheme
The National Bank of Kenya (NBK) has launched its flagship education support scheme dedicating a total of Kes2 billion to finance education ecosystems within both primary and secondary schools.
Dubbed Elimu Konnect, the proposition seeks to upskill Infrastructure development, leadership capacity building, innovation in learning, energy and water provision, digitization and ICT infrastructure as well as asset financing for schools.
The wholly owned subsidiary of KCB Group, also announced financing partnership with Kenya Private Schools Association (KPSA) and UNIFIED Alternative Providers for Basic Education and Training (APBET) Schools Association-Kenya.
National Bank will finance projects to member schools at 11 percent in a bid to support them achieve quality and excellence in learning for both primary and secondary schools.
Mr Peter Kioko, the Acting Managing Director at NBK noted that the bank understands the challenges encountered in the education sector and therefore the need to create a tailored offering that contributes to Sustainability Development Goal 4 by ensuring inclusive and equitable quality education and promote lifelong learning opportunities for all in Kenya and the World at large.
“The NBK Elimu Konnect program seeks to address the challenges in the enablement of the Education sector in Kenya with a view to capacity building, financial enablement, technology improvement, innovation and excellence in learning.
We are keen to work together with all education stakeholders to identify solutions and partners to facilitate investments in the identified key areas through affordable financing, technical assistance, and capacity building to schools,” Added Mr Kioko.
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Elimu Konnect creates a collaboration between different partners in the education sector including Kodris Africa for a Coding for Schools platform.
Kodris Africa will provide a 20 percent discount to the schools funded through the NBK– private schools partnership.
The bank will also provide financing for energy and water needs through its MajiKonnect program by supporting the drilling of boreholes and ensuring solarization for energy including Solar Panels for lighting, water heating and powering e-learning gadgets.
The investment will reduce overheads related to power, and support digitization programs while still promoting sustainability on climate.
“It is great to find a Bank, that understands the challenges that schools face in a bid to facilitate learning. We are, therefore, through this partnership, happy to have a financial partner that is focused on supporting the education ecosystem to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. We will work together with NBK and other like-minded partners such as Kodris Africa towards affordable financing, technical assistance, technology in schools and capacity building for our member institutions,” said Kenya Private Schools Association (KPSA) chairman Charles Ochome.
NBK will also facilitate the digitization of school technologies and the development of ICT infrastructure.
NBK has developed an online Platform (NatShule), to manage the schools’ administration and reconciliation functions digitally via a secure 360-degree view that cuts across day-to-day school operations. The Platform links all school functions via integrated mobile, internet and SMS capabilities and services.
Additionally, NBK will work with partners to provide discounted working capital financing options to schools to support the purchase of school buses, Vans, laboratory equipment, land and other assets that support the objectives of the school.
The Kenya Private Schools Association (KPSA) and the UNIFIED Alternative Providers for Basic Education and Training (APBET) Schools Association-Kenya are umbrella bodies for private schools playing a key role in complementing the Government’s efforts in the provision and expansion of access to quality education for all.
