Housing Finance Foundation (HFF) has unveiled a new loan scheme targeting students pursuing building and construction related courses.
HFF has partnered with Kiva, a non-profit organization with a mission to connect people through lending to alleviate poverty, to support Technical and Vocational Education Training (TVET) students’ access affordable loans.
In the pilot phase, final year students from PC Kinyanjui Technical Training Institute, Technical University of Kenya and SOS Technical Institute are initially set to benefit from the programme. Under the Programme, students will receive loans of up to Kshs 170,000.
HFF’s Executive Director, Ms. Winnie Imanyara said the Programme will address the financing needs for TVET students.
“The TVET student loan will help the students cater for their school fees as well as upkeep while in school and this will ensure that they have an uninterrupted education. Once the students graduate, there will be a six months grace period allowing them to either secure employment or become employers,” said Ms. Imanyara.
She said the foundation plans to scale up this initiative once the pilot is successfully completed.
The loans are affordable and accessible through the country-wide TVET partnerships we have,” said Ms. Imanyara.
KIVA works with microfinance institutions on five continents to provide loans to people without access to traditional banking systems. One hundred percent of the loan is sent to these microfinance institutions, who administer the loans in the field. Housing Finance Foundation is among the KIVA field Partners’ in Kenya.
Housing Finance Foundation is supporting skills development through competency based curriculum development, financial access, and creating markets that work for Artisans through it’s “Army of 1 Million Artisans” flagship project.
The students who go through this program become part of the army forming a network that would give them exposure through internships and mentorship opportunities.
The industry has reviewed the training programme for artisans from a time-bound, curriculum-based training to flexible and competency-based training. TVET will shift from supply–led training to demand-driven training and aligned to the local and international standards and requirements.