Stanbic Bank partners with RentCo to launch first laptop leasing scheme for university students - The Sauce
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Stanbic Bank partners with RentCo to launch first laptop leasing scheme for university students

Photo of smiling beautiful woman using mobile phone while sitting at cafe. Young african american woman sitting in a coffee shop and working on laptop.

Stanbic Bank has partnered with RentCo Leasing and Cool4School to launch a leasing scheme that will accelerate learning through the delivery of affordable high-quality laptops to students in tertiary learning institutions in Kenya.
Under the scheme which is a first in the country, students in universities and colleges in Kenya will get best offers for laptops from global manufacturers Microsoft, Dell and Lenovo as they prepare them for the job market or to run their businesses. They can then pay for the gadgets in installments under a flexible ‘Lease to Learn’ solution provided by RentCo in partnership with Stanbic Bank.

“The youth are key in driving Kenya’s growth and we are pleased to join hands with like-minded organizations to contribute towards preparing them for the future by accelerating their ambitions.” Stanbic Bank Head of Vehicle and Asset Finance Marian Ochieng said at Africa Nazarene University during the launch of the scheme.

Statistics show that 95 percent of university students have no personal laptops and 70 percent lack PC access at home. Most of these students cannot afford to purchase a laptop upfront due to low income, cost of studies or available liquidity; a problem that is set to be solved through the partnership.

Speaking at the launch RentCo CEO Mr.Robert Nyasimi said: “Plans are underway to roll out this ‘Lease to Learn’ solution to other institutions of higher learning. The students who qualify for this program will be able to lease to own the gadgets with ease as the lease payments are spread over a period of 3 years.” On a bigger picture the RentCo Lease to Learn solution can be the ideal solution for the government to realize its vision for a free laptop to every student in public schools if it would consider leasing as the mode of acquiring the laptops instead of the current planned outright purchase”, Robert concluded.

Besides Africa Nazarene University, other universities namely Daystar University, St. Paul’s University and Riara University. Cool4School estimates that there are over 240,000 students in tertiary institutions in need of laptops but cannot afford to purchase one due to their limited means and the exorbitant cost of education. This includes learners in the country’s 30 public universities, 33 private universities and 70 constituent colleges and national polytechnics.

The CEO of Cool4School, Mr. Sankei Ole Kenga said: “Research has demonstrated that owning a personal laptop increases the likelihood of improving individual outcomes for university students. Students can not only collaborate with their peers but also explore other sources of information on their own. They can also develop skills and enhance their employment capacity”.

In addition to laptops, the students will also benefit from Cool4Skull stimulating digital ecosystem that includes internship opportunities, digital coaches for the students and start-up Incubators empowering the very creative and well- trained Kenyan youth to launch start-ups within the university. The universities will also have access to digital services for the universities to HR professionals (e.g. database management). The laptops come loaded with the latest Windows and Office suite software at no additional cost.

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