Over 300 private schools in Nyeri can now access affordable credit of up to Sh 20 million after a financial lender that prides itself in providing affordable credit for private schools opened its fourth branch in the County.
The Ed Partners, a non-banking financial institution, plans to extend Sh 10 billion in the form of loans between 2022 and 2027 where Nyeri, Meru, Nakuru and Nairobi counties are expected to benefit.
The institution, which has been in operation since 2018, has been providing financial alternatives for private schools to access loans with reasonable repayment plans. Nyeri County has 765 schools, where out of this number, 300 of them are privately run.
According to Ed Partner’s Chief Executive Officer, Amos Mwangi, the money lender is targeting private schools in low-income populations whose annual school fees range 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.
Some of the financial solutions that Ed Partners have lined up include; building and expansion services, acquisition of school transport facilities where the schools have access to a Sh 10 million loan.
Schools looking to give their facilities a facelift have access to Sh 7 million in credit from the facility. Mwangi said the schools will also benefit from customized school information management systems, education-technology (Ed-tech) solutions and school leadership and capacity development programs.
“The new branch launch marks our series of milestones that we have implemented post-Covid in the last 12 months. 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.
By Wangari Mwangi and Kiama Wamutitu