Egerton University has initiated plans to revamp its income generating units in an effort to reduce over-reliance on government funding.
The University Vice Chancellor Prof. Isaac Kibwage said the university has put up a Mini-mart at its Njoro main Campus to help the institution sustain itself beyond the funding it receives from the government and from research.
The VC noted that diversifying products and services at the University would provide sustained income streams in addition to the institution meeting market demand for goods and services.
Addressing the staff and students during the launch of the venture, Kibwage said the university Council had a vision of establishing Income Generating Units (IGU) and that the opening of the mini mart was a step towards their goal of increasing and diversifying University income.
He added that through IGUs, the University would have an avenue to commercialize its innovations, making them easily accessible to the market.
The Vice chancellor was happy that all IGUs would embrace cashless payment services, especially the use of till numbers instead of the pay bill option, which he said would attract more customers, particularly the students.
Director of IGU at the University Prof. George Owuor said that the Directorate was targeting to adopt diversified cashless payment options by the end of 2022 in all its IGUs.
He added that the University targets to expand innovative products and services for each IGU to meet customer needs in the retail market and that the mini-mart would house various University units such as the Gift Shop, Guilford Dairy, University Press, Knitting and Tailoring, Agro park and Catering IGU.