TechInAfrica – The Nairobi-based Ed Partners Africa has raised $1.9m in a funding round to make tuition costs less burdening in Africa’s private schools.
Participated in the round were Acumen, I&P, Zephyr, and previous investors.
“Due to lengthy application processes and insufficient collateral, affordable private schools have found it incredibly difficult to obtain official credit. Mainstream financial institutions lack the operational understanding to lend to this school section, worsening an already credit-short situation,” said Ed Partners’ CEO, Amos Mwangi.
“Private schools that are affordable are a vital part of providing education to African children, but they have historically been underbanked. In Kenya and throughout Africa, more than 80% of private schools have never had access to a bank loan,” said Abdulkarim Mohamed, Acumen’s Portfolio Manager.
Ed Partners was founded back in 2018, giving out $1.5m as loan to 142 low-cost private schools with a total of 41,000 students