Up to 29 universities in Kenya have entered into an agreement with KCB to offer a suite of tailor-made financing products to meet their evolving needs including infrastructure while also powering their digitized payment plans for staff and millions of students.

According to KCB, the push seeks to transform Kenya's education industry through bespoke financial and non-financial offerings.

KCB said the plan will see the 29 universities benefiting from project finance, infrastructure development, working capital, and digitized payment solutions. 

“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.”

This is in addition to financial wellness products for teaching and non-teaching staff including salary advances, asset finance, mortgages, and insurance.

Also looped in the plan will be retirement plans and green climate propositions such as solarization, biogas and clean cooking, forex and investment options among others.

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.

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