KENYA COMMERCIAL BANK TO SUPPORT LEARNING INSTITUTIONS

KENYA COMMERCIAL BANK TO SUPPORT LEARNING INSTITUTIONS

By Ednah Kiarie

Kenya Commercial Bank Unveiled Support

System for Learning Institutions ahead of

Reopening KCB Bank Kenya which will roll out a

wide range of financial solutions for learning

institutions as they prepare for reopening

following closure due to the COVID-19

pandemic.

The Bank introduced a new solution for

financing infrastructure development,

specifically targeting to meet the key

compliance directives issued by the

government in regards to COVID 19 back to

school preparedness. Both public and private

schools can now access loan facilities to

support and meet the reopening guidelines set

by the Ministry of Education and Ministry of

Health.

“We see the education sector as a key driver to

the country’s economic agenda and therefore

we are playing a catalytic role in supporting

them through this phase. The Bank has worked

out an all-inclusive proposition which gives the

learning institutions end to end support to

achieve the guidelines set for reopening,” said

KCB Group CEO and MD Joshua Oigara at the

launch of the proposition by Education CS

Professor George Magoha.

“We have been walking this difficult journey

hand in hand with our customers to make sure

that they are cushioned during this tough

economic period. We have been offering

schools access to loans for procuring virtual

learning equipment including tablets for

learners, laptops for teachers, learning material

and training for the schools and we shall

continue to support the schools as they plan on

reopening” he added.

The proposition will provide support for the

institutions, teachers and other support staff

students and other actors in the school value

chain like parents and suppliers. This will

further be enhanced with support towards

digitization and mentorship.

Professor Magoha said: “We are looking at

partnerships to ensure that we get the

institutions ready for them to effectively offer

learning services to all learners while at the

same time guaranteeing the safety of well-

being of the stakeholders in the education

ecosystem.” “We are glad to see the Bank

coming through this by offering both financial

and non-financial support towards this” he

added.

The solution will also give access to facilities

for financing infrastructure development for

modified spaces that will encourage social

distancing and the schools will also be able to

purchase equipment that will enhance

sanitization including water tanks, sanitization

booths, toilets, sinks and soap.

The initiative is part of the wider KCB school

proposition aimed at reinforcing the education

sector in Kenya through constantly innovating

solutions that meet the specific and unique

needs for the students, staff, and institutions.

The Bank has supported the education sector

through various initiatives since 2007, playing

an instrumental role that has seen the

transition rate to university at 79% and

completion rate of 99% from year to year.

The solution will also enable schools to provide

personal protective equipment to staff and

students who do not have access to the same.

Schools, especially boarding schools will be

required to fumigate their premises every so

often and the bank is also keen to finance this

need.

The Bank will continue financing of hardware,

software and training costs to ensure that the

schools can carry on with the virtual learning

classes even as they plan to reopen. KCB Bank

will continue providing unsecured loans and

overdrafts for salaries and short term expenses

for the schools because as a bank we are

cognizant to the fact that schools have not

been receiving any income in the last 8 months.

The bank has restructured all loans and

overdrafts worth over KShs.1 billion for learning

Institutions since the pandemic began and the

institutions will continue enjoying a repayment

holiday as they plan to resume their operations.