The partnership will see KPSA members enjoy affordable financing for project development, working capital financing and for moveable asset financing cushioning them from the adverse economic effects of COVID-19.
Nairobi 14th October 2020…. Equity has entered into a partnership with the Kenya Private Schools Association (KPSA) through the signing of a Memorandum of Understanding (MOU), which will see the lender support and provide financial solutions to all private schools under the KPSA umbrella.
Through this partnership, KPSA members will now access development and mortgage financing solutions of up to Ksh 200 million and unsecured facilities of up to Ksh 3 million.
Commenting on the signing of the MOU, Mutheu Kasanga, KPSA Chairperson recognized the role played by Equity in supporting the development of the education sector through provision of affordable financing solutions for private education institutions especially post COVID-19 and with the re-opening of the schools.
“As KPSA, we have partnered with the Ministry of Education and other stakeholders to set up a framework that will enhance the quality of education for our children as well as address compliance issues. I wish to thank Equity for partnering with us especially during this period and for providing a variety of solutions that will meet the individual and corporate needs of our members.” she said.
Charles Nyoro, Equity’s General Manager, Asset Finance said that the partnership will see the lender strengthen its relationship with KPSA and deepen its support to the education sector.
“As schools re-open we are offering them integrated financial services that socially and economically empower our customers operating within the education sector. This partnership will see KPSA members enjoy affordable financing with flexible repayment terms in project development financing, working capital financing and in moveable asset financing enabling schools to recover from the adverse economic effects of COVID-19.” he added.
KPSA represents private schools across the country including; kindergartens, primary and secondary schools, and private teacher training colleges, which are duly registered by the Ministry of Education and offering a curriculum approved by the Government.
The Association is committed to implement the “philosophy of learning by doing” in an effort to mould all-around children who are critical thinkers, problem solvers, fit for the 21st century development agenda.
In Kenya, private schools compliment Government’s efforts of providing holistic education in the country. Most of these schools depend on proprietor working capital, business injections and financing from financial institutions to sustain their day to day operations. To further cushion them, Equity has waived the registration and annual subscription fees on their online banking platform for SMEs and Corporates, EazzyBiz, enabling schools and other institutions to have a global view of their finances at all times and end to end cash and liquidity management.
From left, seated: Equity General Manager Asset Finance, Charles Nyoro and Kenya Private Schools Association (KPSA) National Chairman, Mutheu Kasanga, sign an MOU at CITAM Woodley, Nairobi. The partnership will see the lender provide financial solutions to all private schools under the KPSA umbrella in project financing, working capital financing and asset financing. Looking on is Equity Westlands Branch Business Growth & Development Manager Charity Munyori (left), and KPSA Secretary Charles Ochome (right).
From left standing at the front: Equity General Manager Asset Finance, Charles Nyoro and Kenya Private Schools Association (KPSA) National Chairman, Mutheu Kasanga, display the signed MOU documents at the ceremonial sign-off event held at CITAM Woodley, Nairobi. On looking is Equity Westlands Branch Business Growth & Development Manager Charity Munyori (left), and KPSA Secretary Charles Ochome (right).
About Equity Bank (Kenya) Limited
Equity Bank Kenya is the largest bank subsidiary of Equity Group Holdings Plc with a footprint of 184 branches, spread across the country and is supported by over 39,160 agents, 17,561 merchants and 400 ATMs. Equity Group Holdings Plc is a financial service holding company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to Equity Bank Kenya, the Group has banking subsidiaries in, Rwanda, Uganda, South Sudan, Tanzania, DRC, and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.
Equity Group has an asset base of USD 7.5billion. With over 14 million customers, the Group is one of the biggest banks by customer base in the region. The Group has a footprint of 300 branches, 51,560 Agents and 31,265 Merchants and 623 ATMs. The Group is the largest bank in market capitalization in East and Central Africa. The Banker Top 1000 World Banks 2020 ranked Equity Bank 754 overall in its global ranking, 62nd in soundness (Capital Assets to Assets ratio), 55th in terms of Profits on Capital and 20th on Return on Assets. In the same year, Moody’s gave the Bank a global rating of B2 with a negative outlook same as the sovereign rating of the Kenyan government due to the Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels. Equity Group Holdings Plc is regulated by the Central Bank of Kenya.
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