Education is the cornerstone of progress and development in any society. In Kenya, access to quality education is a fundamental right and a key driver of socio-economic growth in accordance with UN Article 26 of the Universal Declaration of Human Rights.
Stanbic Bank Kenya recognises this importance and has taken substantial steps to empower educational institutions in the region. With a focus on innovation and technology, the bank is transforming the education sector, ensuring that it can keep up with the growing demands of the future.
In a groundbreaking move, Stanbic Bank Kenya has committed to empowering educational institutions with the financial support needed for automated school fees collections, reconciliations and payments, infrastructure, networks, innovation, and technology. This commitment extends to primary, secondary, university, and tertiary education institutions and covers various aspects, including infrastructure upgrades, laptop programs, and asset financing. The bank is dedicated to helping educational institutions realize their full potential, enabling them to provide a higher quality of education in Kenya and across East Africa.
“The bank leverages community value chains to unlock growth, capital, and investment. Whether financing teachers’ assets or supporting supply chain financing for schools, Stanbic Bank’s model fosters partnerships that yield substantial opportunities,” said Florence Wanja, Executive & Head of Business & Commercial Clients at Stanbic Bank Kenya during a breakfast meeting on Empowering Education through EduTech and Innovation held in Nairobi on 13th October 2023.
The need for financial support in the education sector in Kenya and East Africa is more urgent than ever. With the continent’s population projected to exceed 1.7 billion by 2050, there is a pressing need to expand the reach and capacity of the education sector. While governments have traditionally invested in education, the gaps in funding persist. Household expenditures on education are rising, and by 2026, the education industry is expected to reach staggering figures, with Kenya leading the way.
Stanbic Bank’s approach to supporting education is holistic. The bank leverages dedicated relationship managers to simplify complex banking procedures for educational institutions, allowing them to concentrate on their core mission of teaching and nurturing skills. Moreover, the bank’s extensive network facilitates partnerships with reliable suppliers, connecting educational projects with cost-effective infrastructure, hardware, and technology providers.
One of the most remarkable aspects of Stanbic Bank’s approach is its commitment to technology and innovation in education. The bank recognizes that technology has the potential to revolutionize the way education is delivered. Through its Financial Fitness Academy, Stanbic Bank has developed financial literacy programs for students and young adults, preparing them for life beyond school.
Furthermore, Stanbic Bank has partnered with BCK Kenya Limited, providing discounted rates on devices and free after-sales support to Stanbic Education Institutions clients who procure equipment through this partnership.
The bank also partners with educational institutions to support innovation in teaching and learning. It sponsors hackathons and other initiatives to create platforms where learners can showcase their tech-related skills. Additionally, the bank provides job opportunities and internships through its Graduate Trainee program, attracting and retaining incredible talents.
Customised Solutions for Educational Institutions
Stanbic Bank offers tailor-made solutions to meet the specific needs of educational institutions. These solutions include:
- Automated Fees Collections, Reconciliation and Payments: Streamlined digital onboarding processes empower institutions to manage their finances in real-time, offering access to a broader range of services and new opportunities.
- Asset Financing: This covers a wide range of assets, including laptops, school buses, laboratory equipment, power solutions and land.
- Personal Banking: Stanbic Bank provides financial services for staff, parents, and teachers within educational institutions.
- Supplier Financing: The bank facilitates partnerships with reliable suppliers, ensuring cost-effective infrastructure, hardware, and technology.
Stanbic Bank Kenya’s vision extends beyond mere financial transactions. It is a commitment to nurturing future generations, enhancing the quality of education, and unlocking Africa’s boundless potential. As their tagline proudly states, “Kenya is our home, and we drive her growth,” they are indeed driving growth not only in Kenya but also within educational institutions, benefiting students, parents, teachers, and suppliers. Stanbic Bank’s dedication to innovation and technology in education is a shining example of how financial institutions can be powerful catalysts for positive change.
