Kenya’s Ed Partners Africa, a non-banking financial institution specializing in providing loans to affordable private schools, has disclosed its receipt of a US$10 million loan guarantee facility from the United States’ Development Finance Corporation (DFC) to enhance the accessibility of affordable education. Established in 2018 by Lydia Koros and David FitzHerbert, and presently under the leadership of CEO Amos Mwangi, Ed Partners offers financing solutions for critical components of the education system, encompassing infrastructure, technology, and transportation. The organization has made a substantial impact, extending its reach to over 100,000 students across 350 schools.
The startup extends infrastructural loans to educational institutions, supporting the construction of new classrooms, washrooms, laboratories, and dormitories, as well as the procurement of computers, buses, vans, and internet connectivity. Following a successful US$1.9 million funding round in June 2021, Ed Partners secured US$1.5 million in debt funding from Oiko Credit in August. Building on these achievements, the company has now obtained a US$10 million loan guarantee from DFC, aligning with DFC’s commitment to enhancing access to quality education, particularly for underserved populations.
Upon disbursement, the loan aims to facilitate the expansion of accessible, high-quality education opportunities in Kenya by providing crucial financial support to these schools. James Polan, vice president of DFC’s Office of Development Credit, emphasized the significance of this transaction in delivering essential financing to enhance access to affordable, quality education, particularly for underserved populations in Kenya. He highlighted that the investment reflects DFC’s dedication to improving educational access in Kenya and supporting sustainable development in the region.
Janet Waweru, CFO of Ed Partners Africa, expressed enthusiasm about the collaboration with DFC, stating that the company is “thrilled” to partner with DFC in their joint efforts to expand educational opportunities in Kenya and East Africa. She emphasized that the funding will empower them to reach more schools and students, thereby improving learning outcomes and making quality education more accessible. Ultimately, this contributes to the long-term development and prosperity of the region, according to Waweru.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard