Nairobi — Digital credit provider MyCredit has secured Sh1.4 billion in funding from global impact investors Oikocredit and BlueOrchard, aimed at financing Kenya's fast-growing private school sector.

The funding will provide tailored loans of up to Sh10 million per institution, with a six-year repayment period, to help schools upgrade facilities, invest in educational technologies, and adopt green practices.

"This initiative seeks to remove financial hurdles for private schools, enabling them to grow and offer quality education," said David Wangai, Executive Director, MyCredit.

Kenya's private school sector has witnessed exponential growth, driven by rising demand and limited public school capacity.

Kenya National Bureau of Statistics data shows private primary schools grew 773 percent between 2003 and 2017, while private secondary schools rose by 216 percent over the same period.

MyCredit's new facility includes green financing components to promote sustainability in education, aligning with global environmental goals.