Family Bank plans to invest Ksh. 90 million through its philanthropic arm, Family Group Foundation, in scholarships for 1000 needy students starting form 1 next year.
The Bank has increased its investment in high school scholarships from Ksh.60 million to Ksh.90 million, covering 1000 students across 66 constituencies and 350 schools.
“With the tough economic conditions, as a Bank, we are committed to ensure inclusive and equitable quality education for all. Through our education pillar, we will be able to offer bright and needy students the opportunity to pursue and successfully complete secondary education. This will provide relief to parents struggling to meet tuition needs and greatly contribute to the 100 percent transition policy put in place by the Ministry of Education,” said Family Bank CEO Designate, Nancy Njau.
The Sustainable Development Goals Report 2023 indicates that low and lower-middle-income countries face an annual financing gap of nearly USD 100 billion to meet their education goals.
“The need to bridge this financing gap is dire and it calls for the private sector to support Government initiatives and Family Bank is committed to seeing that we can support families across the counties and grow the next crop of future leaders,” she added.
The scholarships will cover tuition, maintenance, and soft-skills training for students through annual workshops and bootcamps.
The Family Group Foundation, in partnership with USAID Tumikia and World Vision Kenya, aims to train 1000 vulnerable women in plumbing and electrical work by 2025.