This archive report was first published on 14 May 2020.
As the COVID-19 pandemic continues to disrupt education, Absa Bank Kenya PLC has announced a new funding line to support schools and parents in acquiring e-learning infrastructure.
With the suspension of physical learning, schools have been forced to adopt virtual learning, but this has been hindered by a lack of supporting infrastructure, including laptops, tablets, or smartphones for teachers and students.
Through this initiative, Absa Bank will provide finances for schools to procure e-learning infrastructure, including hardware and software, as well as support parents who may need to purchase laptops for their school-going children.
According to Absa Bank Kenya Managing Director Jeremy Awori, the bank is committed to supporting schools and individuals during this challenging time.
“The world is faced with one of the biggest crises of our time, and as Kenyans, businesses and individuals alike, we have a role to play in minimizing the economic and social impact of the COVID-19 pandemic on our country,” Awori said.
As part of its relief efforts, Absa Bank has reviewed its credit terms and is offering various options to cushion schools against the financial difficulties presented by COVID-19. These options include:
- Restructuring of existing loan repayments, allowing schools to restructure existing facilities in line with their expected cash flows.
- Recurrent business expenditure loan, offering short-term financing options to help schools cater to their recurrent expenses, such as salaries.
- Investment accounts, including call deposit and term deposit accounts, which earn interest on deposits while remaining available for withdrawal.
- Credit cards, allowing parents to pay school fees using their Absa credit card and clear the outstanding credit card balance in equal monthly installments.
“Due to the prevailing economic conditions, some of our customers, through no fault of their own, are struggling to meet their financial obligations. We would like to continue working with them through our various payment relief options as well as the reviewed credit opportunities to provide the much-needed continuity during this period,” Awori added.
