Ksh 10 Billion Kitty For Private Schools
After a financial lender that prides itself on providing affordable credit for private schools opened its fourth branch in the County, over 300 private schools in Nyeri can now access affordable credit of up to Sh 20 million.
The Ed Partners, a non-banking financial institution, intends to extend Sh 10 billion in loans between 2022 and 2027 to the counties of Nyeri, Meru, Nakuru, and Nairobi.
Since 2018, the institution has been providing financial alternatives for private schools to access loans with reasonable repayment plans. Nyeri County has 765 schools, with 300 of them being privately operated.
According to Amos Mwangi, Chief Executive Officer of Ed Partner, the money lender is targeting low-income private schools with annual school fees ranging from Sh 16,000 to Sh 55,000.
“As a niche player, our business model is specifically tailored for private schools. Our mission is to improve access to affordable education as a tool for transforming the lives and livelihoods of our communities,” explained Mwangi.
Ed Partners’ financial solutions include building and expansion services, the acquisition of school transport facilities, and the provision of a Sh 10 million loan to schools.
Schools that want to improve their facilities can borrow Sh 7 million from the facility. Mwangi added that customized school information management systems, education-technology (Ed-tech) solutions, and school leadership and capacity development programs will also benefit the schools.
“The new branch launch marks our series of milestones that we have implemented post-Covid in the last 12 months.
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“We have brought financial and non-financial services to private schools in Nyeri and the larger Mount Kenya region.
“Nyeri and the region at large has been a pinnacle of education in the country for decades and our launch today affirms that,” said Mwangi.