KCB on Wednesday unveiled a wide range of financial solutions for learning institutions as they prepare for reopening following closure due to the COVID-19 pandemic.
The bank has 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 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 KSh1 billion for learning Institutions since the pandemic began and the institutions will continue enjoying a repayment holiday as they plan to resume their operations.