Back to school: Aspira Kenya to offer school fees loan of up to KSh 500k

Nairobi, Kenya – Parents and guardians seeking funding for their children’s education will get support from Aspira Kenya, a subsidiary of Mauritius-based Cim Financial Services Ltd, which helps individuals and families achieve their lifestyle aspirations.

According to the Ministry of Education, 42,927 students secured placement in national schools, 274,746 in extra county schools and 288,201 in county schools during form one selection, ahead of the January 2024 school reopening.

How to get a school fees loan

Aspira Kenya said it will offer funding of up to KSh 500,000 from its Aspira Soma Education Loan Facility to learners in all educational facilities including kindergarten, primary, secondary and universities.

The Soma Loan Facility aims to empower parents, providing them with convenient and affordable finance to offer their children quality education.

“This facility is designed to address the challenges of paying school fees and ensure funds are readily available when parents, guardians, and sponsors need them,” said Arnold Muthama, Marketing Lead at Aspira.

Advertisement

Muthama noted that the facility disbursed KSh 23 million to support the education of children over the past year.

Leading Buy Now Pay Later (BNPL) firm’s initiative supported learners from 126 schools and institutions of higher learning across the country, after its launch 12 months ago.

2024 education calendar in Kenya

Approximately 1.2 million learners are expected to join Junior Secondary School (JSS) in January 2024, advancing to Grade 7, while 1.1 million are proceeding to Grade 8.

Additionally, 2.8 million children are anticipated to enrol in pre-primary learning next month.

About 297 candidates from vulnerable backgrounds have been placed in national and extra county schools.

Those who attained 400 marks and above have been placed in national and extra county schools.

Aspira gives Kenyans more choices in purchasing goods and services, from household items and personal electronics to travel and insurance, on credit.

The platform offers free credit assessment, competitive rates, and limits of up to Ksh 500,000 for individuals, while SMEs can draw up to Sh3 million to scale their businesses.