Category: BUSINESS

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 13^th 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:

1. 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.
2. Asset Financing: This covers a wide range of assets, including laptops, school buses, laboratory equipment, power solutions and land.
3. Personal Banking: Stanbic Bank provides financial services for staff, parents, and teachers within educational institutions.
4. 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.

·         The airline has signed an agreement with Airbus for a total of 50 Airbus A350-900 and A350-1000 aircraft to be deployed on intercontinental flights from 2026.

·         The new Airbus A350 constitutes a major step in building a cleaner and quieter fleet, producing 40 per cent less noise and burning 25 per cent less fuel than similar aircraft of the older generation.

KLM plans to renew its older generation long-haul fleet with Airbus A350 family aircraft in the coming years. The Airbus A350 is acknowledged as the most fuel-efficient and silent aircraft of its generation.

Wide-bodied in design, the new aircraft has substantial benefits in terms of reducing CO2 emissions and noise impact. Procurement is subject to the recommendations of the KLM Works Council.

Making the announcement, Air-France KLM Air France KLM General Manager for East and Southern Africa, Nigeria, and Ghana Marius van der Ham said, “Today marks a very special day for KLM. We have taken a big step towards our future with the proposed decision of purchasing a new aircraft. We can make our fleet significantly cleaner, quieter and more fuel-efficient with the A350s. This is important because we are all faced with the major task of becoming more sustainable. Furthermore, it gives us an opportunity to offer our passengers much more service and comfort on intercontinental destinations”.

The Air France KLM Group has signed an agreement with Airbus for a total of 50 Airbus A350-900 and A350-1000 aircraft, with an option for 40 further aircraft.

The 50 aircraft have been ordered and will be allocated between KLM and Air France according to local market dynamics and regulatory conditions.

KLM expects to begin deploying the Airbus A350 on intercontinental flights from 2026, replacing its Boeing 777-200ERs, Airbus A330-200s and Airbus A330-300s.

The new Airbus A350 constitutes a major step in building a cleaner and quieter fleet, producing 40 per cent less noise and burning 25 per cent less fuel than similar aircraft of the older generation.

The hull of the aircraft largely consists of reinforced, lightweight materials (composites and titanium), ensuring that longer distances can be covered with less fuel. In combination with the use of sustainable aviation fuel (SAF) and other operational innovations and efficiency gains, these new aircraft will significantly contribute to making operations cleaner, quieter and more fuel-efficient.

Besides, it is expected to enhance customer experience, boost comfort and improve efficiency.

A leading regional ICT solutions firm has set in motion the process of improving the quality of ICT workers hired across public and private sector organizations following the establishment of the first modern practical assessment center in Nairobi.

The new facility, based at the firm’s head office and training center in Kenya’s capital, has been designed to give human resource managers and chief technology officers an objective methodology for testing job seekers’ practical knowledge of various ICT tasks and assignments by measuring a candidate’s ability to meet specific job requirements and assess their skills in areas such as coding, programming, system design, database management among others.

Speaking when he officially unveiled the center at the firm’s inaugural IT Day, Data Infinity CEO Tim Kitonyi explained that there was a major gap estimated at 60 per cent of new hires in the practical skills and theoretical knowledge many ICT workers displayed at the point of being recruited.

“This has led to much investment in additional training costs and in some cases loss of crucial time to institute critical IT solutions for these organizations,” said Kitonyi.

He noted that Kenya was particularly affected due to its positioning as a source of ICT workers for other African countries. Kenya, he added, has acquired the status of a regional leader within East Africa with its position as the ‘Silicon Savannah’.

This elevated status, noted Kitonyi, is as a result of a number of advantages including a thriving tech ecosystem, digitally skilled talent, geographical positioning endowment, and ICT centric public policies. According to Kitonyi, many organizations contend with, is the struggle to hire good IT people. In software for instance, there is a saying that the market glutted. But for other industry players, it is a classic problem of signal to noise ratio. The real problem is not that there isn’t a large pool of talented software engineers; it’s that they’re hard to identify amongst the even larger pool of mediocre engineers.

With industry estimates projecting that there are less than 5,000 IT professionals in Africa, Data Infinity has invested heavily in attaining the necessary training and certification requirements so that the firm can contribute effectively to the overall growth of home-grown IT talent. Meeting the demand for 120,000 specialized IT professionals requires an investment of Kshs 48 billion by the year 2030.

This challenge stems from the fact that in apart from the paper certificates, there are no practical platforms to establish the capabilities of new hires

“Kenya boasts of dedicated government ministries, authorities and programs along with the existence of widespread digital infrastructure. These fundamentals have elevated the country in the region, and as such attracts regional and international attention, capital, networks and resources and leads to several organizations looking for talent here,” explained Kitonyi.

The firm is cognizant that Africa has always had the advantage of the ability to leapfrog technology progress to utilize the latest available systems. Fortunately, in addition to education interest in IT education, across the industry Data Infinity has developed local capacity through partnership with global technology leaders such as Oracle, Red Hat and Acronis to deliver cutting edge enterprise ICT systems, focused training and cyber security solutions respectively.

Available research data shows that Africa’s demand for software solutions that address enterprise-wide issues is estimated at 10 percent annually between 2022 and 2032. Kitonyi pointed out that the need for data insights, customer analyses, and all kinds of business processes have strongly increased due to digitization and data that is collected across organizations.