Parents can now secure loans to support their children’s education as schools prepare to start the third term that started today. Aspira, a Buy Now Pay Later company, has introduced the Aspira Soma Education Loan program, allowing parents and guardians of students across all educational levels, from kindergartens to universities, to access funding up to KES 500,000.
According to Irshad Muttur, the COO of Aspira Kenya, both existing and new customers can access this credit facility. The Soma loan initiative aims to empower parents to provide education for their children. Muttur emphasized the significance of education in Kenya and highlighted that this facility addresses the challenges of paying school fees and ensuring timely availability of funds when needed by parents, guardians, and sponsors.
Muttur said, “The Soma Education Loan is addressing the issue of timely education financing. It’s about providing parents with convenient and affordable financial solutions, ultimately enabling our children to continue their education uninterrupted.”
Borrowers can repay the loans within the school term, with an interest rate of 2% monthly.
This term is expected to see primary and secondary school students resume classes from this week. However, many parents are concerned about funding their children’s education due to challenging economic circumstances.
Aspira Kenya, established in 2018, offers Kenyan consumers the flexibility to purchase various goods and services on credit, including household items, electronics, travel services, and insurance. The company provides free credit assessments, competitive interest rates, and credit limits of up to Ksh 500,000 for individuals. Small and medium-sized enterprises (SMEs) can access up to KES 3 million in credit to support business expansion.
