Most Kenyan varsities need donations, Equity Bank's CEO says

From left: Jeff Mwirigi and Stephen Etirikia (Akithi Ward MCA) who both were awarded their Bachelor of Commerce (Finance option) degrees during the Meru University of Science and Technology graduation on Friday. PHOTO: PETER MUTHOMI/STANDARD

Most Kenyan universities today are operating in solvency state as the funds provided by the national government are not enough to sustain their operations, Equity Bank CEO James Mwangi has said, and encouraged private business and individuals to donate to the institutions.

Speaking at the fourth graduation ceremony at the Meru University of Science and Technology (Must) Mr Mwangi said the funding provided by the government through the Differentiated Unit Cost system for different programmes was inadequate for the institutions to run smoothly hence the need for more funding by other stakeholders and partners.

"It is important for individuals and private business entities to contribute to the growth and development of this country. This can be achieved through individual donations and funding as well as public private partnerships as provided for in law," said the Equity boss who is also the university's Chancellor.

Mwangi, whose family donated Sh100 million for establishment of an innovation centre at the institution said: "I invite investors and all stakeholders to assist the university in infrastructural growth and development through collaborations and partnerships and thereby make positive contribution to Kenya's growth."

Mwangi said as more Kenyans seek higher education they must be given financial muscle to execute their mandate.

"This can be in form of participation in infrastructural growth in projects such as students' hostels, commercial centre, hospital, incubation and entrepreneurship centre as well as providing consultancy services," he said.

Japhet Magambo, the university's Vice-Chancellor, thanked the Ministry of Education for a donation of state-of-the-art equipment for civil, mechanical, mechatronic and electrical engineering financed by the African Development Bank.

Noting that the local community had economically benefited from supplies to the university, including food, accommodation and other social amenities, Prof Magambo appealed to residents to support the institution.

"It is imperative that the community embraces and nurtures the university as an asset for spurring socio-economic growth," he said.

During the ceremony 982 graduates received their bachelors, 23 masters, 257 diplomas and certificates.