CBA increases sponsorship fund for needy students to KES 3.2M
15 February 2016, 15:38
Nairobi - Commercial Bank of Africa (CBA) has increased its sponsorship funding for needy students pursuing secondary school education from KES 1.2 million to KES 3.2 million.
The sponsorship through the CBA’s Palmhouse Foundation will see 10 selected candidates from disadvantaged backgrounds across the country who sat their KCSE in 2015 benefit from the KES 3.2 million funding to complete their education.
The Palmhouse Foundation enabled the bank to sponsor needy but brilliant children for the last 6 years, hence the move to increase the funding to deepen its investment in community support activities.
“Free primary education has created opportunities for a lot of children. However, secondary education remains a dream for most children as majority cannot afford the fees and school equipment,” said Chris Pasha, CBA Group Head of Marketing and Communications.
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He pointed out that access to education by children from needy families is one of CBA’s key focus.
“It not only benefits the individual but also has a positive ripple effect on their families, communities and the society as a whole. We applaud Palmhouse Foundation for their mentorship program as it helps build all-rounded students who are equipped with life-skills as they work to achieve their academic goals,” said Pasha.
Reports by Ministry of Education indicated that in 2008, the annual cost of secondary education was 12 - 20 times more than the monthly income of parents in rural areas, where more than 80% of the population lives.
The Palmhouse Foundation is a non-governmental organization that ensures children from less fortunate backgrounds are able to pursue and complete their high school education. It has over 500 beneficiaries with over 230 having completed their secondary education.
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