Aspira Launches Solution To Finance Education

Buy Now Pay Later (BNPL) firm Aspira has announced a new solution to help Kenyan parents finance their children’s education. Parents or guardians of learners in all learning institutions – from kindergarten to universities – will be able to get funding of up to $3442 (Ksh 500,000) from the Aspira Soma Education Loan Facility.

Aspira Kenya’s Chief Operations Officer (COO) Irshad Muttur has said that the credit is available to existing customers as well as newly onboarded clients. The Soma loan was launched in Kenya to empower parents to offer their children quality education.

“Kenyans place a high premium of education, and this facility is designed to solve the challenges in paying school fees for students and aims to ensure funds are available when the parents, guardians and sponsors need them,” he said.

“Getting timely access to education financing should not be a problem especially when it affects the welfare and future of your child. Soma Education Loan is bridging that gap by empowering parents in terms of convenient and affordable finance so that our children can stay in school and learn,” Muttur added.

Borrowers can repay the loans within the school term at an interest rate of 2% per month.

Primary and secondary school learners in Kenya are expected to resume their studies for the third term from August 29. More than 140,000 and 300,000 students are expected next month to report to institutions of higher learning and training colleges respectively with most parents raising concern over lack of funds to pay fees due to hard economic times.

Aspira Kenya was launched in 2018, giving Kenyans more choice about how to buy goods and services ranging from household goods and personal electronics to travel and insurance, on credit, with free credit assessment.