MyCredit, a digital credit provider, has secured Sh1.4
billion in funding through strategic partnerships with global impact leaders
Oikocredit and BlueOrchard financing for private schools in Kenya.
The funding is
designed to meet the diverse needs of schools, enabling them to improve their
facilities, invest in technology, and offer better educational resources to
their students.
Additionally, providing green financing ensures schools can adopt environmentally sustainable practices, aligning with the
global shift toward eco-friendly operations.
It covers various purposes, including working capital, asset
finance (such as the purchase of educational resources and infrastructure
development), and green financing to support sustainability initiatives.
“By offering
customised loan solutions, we aim to reduce the financial barriers that many
private schools face, helping them improve their operations, expand their
reach, and continue providing quality education to students across the
country,” said David Wangai, Executive Director of MyCredit Limited.
“This funding initiative represents a transformative step
toward reshaping the future of education in Kenya. We look forward to the
positive impact it will have on the education sector and the broader
community,” he added.
According to the Kenya National Bureau of Statistics, the
number of private primary schools grew by 773 per cent between 2003 and 2017,
compared to a growth of only 33 per cent for public primary schools during the
same period.
The number of private secondary schools grew by 216 per
cent, compared to 154 per cent for public secondary schools.
Official records reveal a significant surge in the number of
private schools nationwide from 7,742 in 2014 to 16,594 in recent years,
reflecting an increasing demand for alternative education avenues.
This growth has been driven by factors such as a growing
population, increased demand for quality education, and limited land
availability for building public schools.
The roots of this
educational shift can be traced back to the education reforms of 2003, when
enrollment in public schools surged by 1.3 million new pupils in a single year.
