By Millicent Njeri / Press Release
The MasterCard Foundation and the Equity Group Foundation (EGF) launched a program that will provide $4.6 million in comprehensive educational support to 676 secondary students in Kenya over the next five years. Reeta Roy, President and CEO of The MasterCard Foundation, and EGF Chairman Dr. James Mwangi announced the partnership at an event in Nairobi presided by Prime Minister Raila Odinga.
"All young people deserve an opportunity to reach their full potential," said Roy. "The MasterCard Foundation is proud to partner with EGF to enable students in Kenya to complete secondary school. EGF has the national scale, reach and financial systems to ensure this program benefits young people."
The program will provide comprehensive scholarships to 332 academically gifted yet financially disadvantaged students, enabling them to complete secondary school in Kenya. The program will also provide leadership development, career guidance and mentoring to an additional 344 secondary school students. EGF will identify an equal number of male and female primary school students to participate in the program.
"The collaboration with The MasterCard Foundation affirms our commitment to transforming the socioeconomic status of talented young people and developing the next generation of leaders in Kenya," said Mwangi. "Our hope is that other partners will look to this program as a model for transforming the lives of disadvantaged children and join us."
In Kenya, just 64 percent of primary students enter secondary school and even fewer graduate. The low enrollment and completion rates are attributed to the cost of education; lack of access to schools, particularly in rural areas; and the need for poor youth to work to contribute to the household income. A recent World Bank report confirmed that financing mechanisms such as scholarships are key to retaining youth, especially girls, in secondary school.
EGF, through Equity Bank, will oversee the distribution of funds using its extensive branch network. The Bank has supported education initiatives in Kenya throughout its 25-year history, including a Pre-University Program that enables top-performing secondary school graduates to enter university. To measure the impact of this program, both foundations will track students' progress over the next five years.
