The National Bank of Kenya (NBK) has launched its flagship education enablement program Elimu Konnect committing Sh2billion towards the support of educational institutions in the country.
Through a partnership with Kenya Private Schools Association (KPSA) and UNIFIED Alternative Providers for Basic Education and Training (APBET) Schools Association-Kenya; the bank will finance schools to better their infrastructure, purchase ICT equipment and install sustainable energy and water infrastructure.
National Bank will finance projects to member schools at 11 per cent interest in a bid to support them achieve quality and excellence in learning for both Primary and Secondary schools.
Speaking at the launch, 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 products that contribute to Sustainable Development Goal 4.
“We are looking forward to supporting the education ecosystem through the education enablement programme as a financial partner to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all,” said Kioko.
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 in partner schools.
KPSA chairperson Charles Ochome hailed the partnership saying it will ease to a large extent the financial burden borne by owners of private schools.
“It is great to find a Bank, that understands the challenges that schools face in a bid to facilitate learning. 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 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 through the education enablement pogramme, 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.