Inoorero rolls out own university programmes in Januaty.
Armed with a Sh500 million war chest in funds, partly raised through a private placement, the Kenya School of Professional Studies is set to expand its facilities after getting the green light to operate as a private university.
In what brings to 22 the number of private universities in Kenya, the Commission for Higher Education last week gave the college — which will now be called Inoorero University — a Letter of Interim Authority.
This means the university can roll out its own degree programmes, which are recognised by CHE. The increase in the number of institutions offering degrees has the potential increasing access to education, which could lower costs and tame admission crisis.
Inoorero University vice chancellor, Prof Henry Thairu, told the Business Daily its two inaugural degree programmes are the Bachelor of Commerce and Bachelor of Information and Communication Technology, in which admission of students begins next January.
Officials said Inoorero University, which has 2,500 students, will start with the School of Business, School of Information and Communications Technology and that of Law.
The institution that was the first education centre in Kenya to use a private placement for financing is partnering with Copenhagen School of Business and the University of Cape Town to offer degree programmes. Private placement involves selling shares to a pool of investors.
Prof Thairu said the university secured a long-term debt of Sh320 million from a local development finance institution. It also raised Sh180 million from individual and corporate investors through the private placement.
The growing demand for higher education is piling pressure on institutions to expand, forcing them to re-think their fund-raising strategies.“We are looking for other avenues to raise funds to expand our facilities to cope with the rising demand for admission,” said Prof Thairu.
Learning institutions are under pressure to admit the surging number of working class seeking to remain competitive in the fast-changing job market. However, there have been concerns that the rising numbers if not contained would lead to half-baking in the face of overstretched resources.
Interim authority Educationists say failure to push through new financing solutions that could help the universities develop new teaching facilities promises to throw the sub-sector into an admission crisis.
“The Letter of Interim Authority will give the university a mandate to set up a university council that will oversee the development of the institution’s infrastructure and curriculum, ”said CHE chief executive officer Prof Everett Standa.
Inoorero now joins eight other universities holding the Letter of Interim Authority which include Aga Khan University, Kiriri Women’s University of Science and Technology Awarded, Great Lakes University of Kisumu, and Gretsa University.
Others are KCA University, The Presbyterian University of East Africa, Adventist University of Africa and Mt Kenya University.
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