How Banks Support the Back-to-School Season
By Gatonye Njenga
While the back-to-school season represents opportunities and renewed aspirations, it also brings considerable financial pressure for many families. Expenses like school uniforms, books and school fees can quickly cause financial pressure and overwhelm household budgets. During such instances, banks have become the lifeline that many need, stepping in as trusted partners to ensure that education goes on uninterrupted.
By offering tailored financial products and services designed around the season’s financial needs, banks can significantly ease the pressure on parents. School fees loans are one example where banks provide quick, flexible funding with a flexible repayment schedule aligned to household cash flows. This ensures that a child’s education is not interrupted due to a temporary lack of funds.
Absa Bank Kenya PLC is easing the financial burden for parents by offering the “Buy Now, Pay Later” option, which allows parents to spread school-related expenses into manageable monthly payments using their Absa credit cards for up to 12 months.
Beyond loans, banks play a vital role in modernising and simplifying the payment process. Digital banking solutions, including mobile apps and online payment portals, allow parents to pay school fees and purchase supplies with ease, avoiding long queues and the security risks associated with carrying large amounts of cash. Parents can pay school fees conveniently using the Absa Kenya app digitally. Moreover, they can also make payments through their Absa credit cards to Mpesa tills or paybills at zero transaction fees by dialing *224# or logging in to Absa Bank’s digital channels.
Furthermore, banks are increasingly focusing on financial education. Through workshops, online resources, and partnerships with schools, they equip both parents and students with essential money management skills. This includes creating budgets, understanding savings, and making informed financial decisions. This kind of support extends beyond a one-time transaction, fostering long-term financial stability and empowering families to plan confidently for their children’s future education. Through Absa’s financial literacy programs, parents gain education about financial decisions, which helps them finance their children’s education.
In essence, banks’ support during the back-to-school season is more than just a business transaction. It is an investment in the future of our communities. Banks support children’s return to school by offering financial tools, easy payments, and promoting financial literacy for a brighter future.
