MyCredit, a digital credit provider, has secured Kshs. 1.4 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, the provision of green financing ensures that schools can adopt environmentally sustainable practices, aligning with the global shift toward eco-friendly operations.
The loan offers a tenure of 72 months (6 years) and provides up to Kshs. 10 million, tailored to the specific needs of each school. 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 customized 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 Mr. 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 percent between 2003 and 2017, compared to a growth of only 33 percent for
public primary schools during the same period. The number of private secondary schools grew by 216 percent, compared to 154 percent 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.
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