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Student Finance Africa

 

Country  Kenya/Africa
   
Beneficiaries                  African Students
   
Project Description Families across Africa need an educational loan solution that makes post-secondary education attainable. Just 4.4% of Kenya’s 45 million citizens have a personal bank loan, compared to the almost 80% of Americans with some form of credit facility, a situation that has developed from the sheer infeasibility of collecting adequate data on much of the population. In Kenya—and Africa in general, where 80% of people lack access to formal financial services such as loans—traditional credit rating methods are often impractical. Student Finance Africa (SFA) works with families to meet needs through an innovative finance approach. SFA has launched in Kenya with the financial support of FSD Kenya, providing educational loans to Moringa School and other technical programs in Nairobi. SFA also offers a variety of loan products to cater to different term amounts and timing schedules, and works with families to provide simple and accessible loans and installment plans. Additionally, the company collects data from educational partners through its mobile app and students through its online loan application. The goal of Student Finance Africa is to break down the barriers to accessing financing.
   
Scope of Legal Assistance i) legal advice related to company structure;
ii) legal advice regarding the company’s tax structure;
iii) development of terms of references and guidelines to attract new investors; and
iv) advice and review of the terms of agreement for equity and debt financing.
   
Legal Team Laurence Wilcock and Oliver Currall