Enko Education launches Enko Ferndale, its first international school in South Africa
Enko Education launches Enko Ferndale, its first international school in South Africa after first institutional financing round with Proparco and Investisseurs & Partenaires
Denis Sireyjol, Regional Head Southern Africa and Indian Ocean at Proparco, and Cyrille Nkontchou, Founder and Chairman at Enko Education, also attended the event.
Enko Education launches in January 2017 its first international school in South Africa, Enko Ferndale International School. This announcement follows the raise of USD 2.2 million from Proparco (private sector-focused subsidiary of the French Development Agency) and Investisseurs & Partenaires (“I&P”) in August 2016.
A fund raising to develop over thirty schools in Africa
After two successful schools launches in Cameroon and Mozambique and an acquisition in South Africa, Enko Education has opened in September 2016 three new international secondary schools in Cameroon and Côte d’Ivoire. Within the next five years, Enko Education is expecting to open over thirty schools, predominantly in francophone and Southern Africa. Two openings are planned for January 2017, in Mozambique and South Africa.
The launchpad to the world’s top universities
The ambition of Enko Education’s schools is to enable young and talented Africans to enroll in the best international universities by giving them a cost-effective access to an internationally-recognized curriculum. By adopting an asset-light strategy and providing extensive training to local teachers, Enko Education is able to charge schools fees which are on average a quarter of those charged by other International Baccalaureate® (IB) schools in Africa. Although Enko Education targets the growing African middle class, the company aims to enroll 10-20% of students from economically disadvantaged students backgrounds in its schools through a scholarship programme.
A priority for Proparco
This investment is the first direct investment of Proparco in education in Sub-Saharan Africa, top priority for Proparco. It is also the first direct investment of Proparco in venture capital, early-stage companies being now part of our new global strategy. "Proparco is proud to be involved with this initiative that will increase access to quality education and create employment. This initiative speaks to the corner stone of Proparco’s strategy in South Africa and in Africa." – Denis Sireyjol, Proparco South Africa’s Regional Director.
A first institutional financing round
The investment made by Proparco and I&P, Enko’s first institutional financing round, will enable Enko Education to finance the first years of operation of its existing schools as well as the launch of new schools in 2016 and 2017. The equity raised will support the development of a quality education offer by a private player targeting the African middle class and will complement the efforts being made by governments, assisted by AFD, Proparco’s parent company. This initiative will, in the long run, create over 1,300 jobs, half of which being teachers who will receive extensive training.
First Enko Education international school in South Africa
Following this investment, Enko Education is opening two new schools in January 2017: Enko Sekeleka in Vilankulo, Mozambique, and Enko Ferndale in Johannesburg, South Africa.
Enko Ferndale will open in January in Ferndale, Randburg, Johannesburg. The new institution will be for learners from Grades 8 to 12 and will offer high-quality international education. Ensuring that the community also benefits from the programme, the school aims to offer need and merit-based bursaries.
Initially the school will enroll grade 8-10 learners on the Cambridge based education and the school will eventually extend to grade 11-12 to complete the International Baccalaureate diploma. The International Baccalaureate Diploma Programme is an educational foundation offering highly respected programmes of international education that develop the intellectual, personal, emotional and social skills needed to live, learn and work in a rapidly globalising world. Enko Ferndale will also offer the Enko Education university counselling programme: designed to help students by helping them to navigate through the application process and to apply for scholarships to top universities.
About Enko Education
Enko Education is an Africa-wide network of secondary schools that aims to democratise access to quality education of an international standard for the African population. Enko Education builds on the educational programs of the Cambridge and the International Baccalaureate. It provides students with a holistic education that is learner-centred and provides a monitoring and support structure for students as well as counselling in their choice of field specialisation and targeted universities to which they want and can be directed. Enko Education is present in Cameroon, South Africa, Mozambique and Côte d’Ivoire. For more information, visit www.enkoeducation.com or contact Eric Pignot, co-founder, eric[at]enkoeducation.com
Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for almost 40 years. Proparco provides funding and support to both businesses and financial institutions across Africa, Asia, Latin America and the Middle-East. It seeks to partner projects in key development sectors – infrastructure (with a specific focus on renewable energies), agribusiness, financial institutions, healthcare and education, etc. – and to boost the contribution of the private sector to achieving the sustainable development goals adopted by the international community in 2015. As a means to this end, Proparco finances businesses that are instrumental in creating decent jobs that pay decent wages, in supplying essential goods and services and in battling climate change.
Investisseurs & Partenaires (I&P) is an impact investment group dedicated to African Small and Medium Enterprises. Since its creation in 2002, I&P has invested in more than 50 companies, located in 15 African countries and operating in various sectors of activity (health, transport, microfinance…). These enterprises create local “added value” and long-term employment, and generate important social, environmental and governance impact. Created by Patrice Hoppenot and headed by Jean-Michel Severino since 2011, the I&P team comprises about thirty collaborators in Paris and in its six African offices in Cameroon, Côte d’Ivoire, Senegal, Ghana, Burkina Faso and Madagascar. More information found at www.ietp.com/en.