Co-op Bank builds on its support for education by sponsoring Universities Funding Conference
The conference comes at a critical point when the government is staring at a crisis in universities due to the court ruling that declared the new funding model unconstitutiona
Co-op Bank is a platinum sponsor for this year’s Biennial Universities Funding Conference taking place between yesterday and tomorrow at Lake Naivasha Resort.
The theme this year is “Navigating the New Era of Higher Education Financing in Kenya”. The bank is a key financier of education programmes in Kenya, sponsoring over 11,703 students through the Co-op Bank Foundation by the end of the third quarter last year.
The Foundation, the bank’s investment arm, provides scholarships to gifted students from across the country, which entails fully paid secondary education, full fees for university education, internships and career openings for beneficiaries.
The conference comes at a critical point when the government is staring at a crisis in universities due to the court ruling that declared the new funding model unconstitutional.
Yesterday, Education Cabinet Secretary Julius Ogamba, in a speech read by High Education Principal Secretary Beatrice Inyangala, stated that they need at least Ksh 25.88 billion to finance the 246,391 candidates who scored C+ and above in last year’s KCSE exams who are due to join university in September.
“The true elephant in the room is how to adequately fund the 246,391 KCSE 2024 candidates, who qualified for university. Can we afford to provide full loans and scholarships for all first-year students while catering for continuing students? Should we determine an optimal number that the government can afford to sponsor while allowing others to seek alternative funding?” he posed.
The Kenya Universities and Colleges Central Placement Service (KUCCPS) is yet to open its portal for the 2024 candidates to apply for preferred courses a development that portends a crisis if a solution is not found any time soon.
The High Court yesterday declined to suspend its in December 2024 order that quashed the Variable Scholarships and Loans Funding (VSLF) model, also known as the New Funding Model (NFM), pending an appeal by KUCCPS.
The Naivasha conference, which is hosted by the Universities Fund, has brought together key stakeholders in higher education, including university leaders, government policymakers, private sector partners, and development organisations to explore innovative and actionable solutions for enhancing the financial sustainability and operational efficiency of Kenyan universities.
Its focus is on promoting innovative funding strategies, optimising financial management, and leveraging digital technology to transform university operations.
The conference provides an opportunity to address the critical gaps hindering long-term sustainability and explore alternative funding mechanisms. It aligns with the country’s key economic development priorities – Vision 2030, BETA Agenda and Pan-African Agenda.
Addressing the conference, Dr Inyangala said there is need consider not only its short-term effects but also its long-term implications on university finances, student access, and academic quality.
“As we assess the impact of the new funding model, we must consider not only its short-term effects but also its long-term implications on university finances, student access, and academic quality,” she said.
“This conference presents unique opportunity to address critical gaps that hinder long-term financial sustainability and explore alternative funding mechanisms.”,” Geoffrey Monari, Chief Executive Officer of the Universities Fund, told the conference.
The event builds on the successes of the inaugural 2023 conference, which took place in Mombasa under the theme, ‘Universities for a Sustainable Future’.
