CBA BOOST TO THE EDUCATION SECTOR

CBA in partnership with Higher Education Loans Board, will this year lessen the burden of tuition for students in institutions of higher learning by the signing of a Memorandum of Understanding between the bank and the loans body .The Memorandum of Understanding will facilitate students who miss out on the HELB Loan to acquire personal loans at concessionary rates.

HELB, charged with the responsibility of assisting students enrolled in universities within the East African Community to finance their education, will therefore open a corporate account with the bank to enable students or guardians the opportunity to secure a loan.

Speaking at the ceremony, CBA Group Head of Business Mr. Jeremy Ngunze said, " We are proud to be associated with HELB on this as we strengthen our presence within the education sector. At CBA, we have positioned ourselves to become the conduit of our customers' individual dreams and aspirations and this opportunity to help students achieve their dreams is part of our vision."

Dependant on the course to be undertaken by a given student, CBA will avail a minimum loan of Kshs. 50,000 and a maximum of Kshs.1Million with the rate of interest pegged to the bank's base rate and repayment is within a year.

Speaking in the same function, Mr Shem Gichimu, HELBs' Head of Finance, expressed gratitude for the support CBA is providing to enable students to achieve their dreams. He said the demand for HELB loans was too high and therefore needed other financial institutions to chip in financing higher education towards the achievement of Vision 2030. He said, "In the last financial year, we disbursed a total of Kshs 4.1billion to over 100,000 Kenyan student's pursuing higher education in recognized universities."

As part of their brand promise "Time for more" CBA, has set plans in motion to launch Youth account aimed at helping young members build a sound financial future.