Stanbic IBTC Introduces School Fees Payment Solutions


By Nume Ekeghe

 Stanbic IBTC Bank has called on parents and guardians to take advantage of its bouquet of educational products and payment solutions that will help them offset the financial burden of school fees, as schools reopen for a new academic session.

 The bank said parents can readily meet their short-term financial obligations to educate their children without stretching their finances.

 According to the bank, its school fees facility includes the Salary Advance (SALAD) for salaried workers, which offers very friendly interest rate and its payment cards that parents can easily access and use to pay school fees. The prepaid cards are available to load pocket money for children/wards while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees. The school fees payment solutions underline the importance the financial institution attaches to education, it added.

 Executive Director, Personal and Business Banking, Stanbic IBTC, Babatunde Macaulay, said the development of the educational products was the bank’s way of showing that it cares about its customers as well as the educational development of their wards.

According to him, the bank understands that education is the foundation of individual and societal growth and development.

“Stanbic IBTC constantly strives to understand the needs of its customers which it then uses to provide innovative financial and payment solutions tailored to those needs,” Macaulay said.

 “Stanbic IBTC Bank will continue to develop products and services to support the realisation of quality education in Nigeria. The school fees loan is a fast, simple and convenient way by which customers can meet their short-term financial obligations to educate their children,” he added.

 Other benefits of the school fees loans, according to Macaulay, include low interest rates, access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100 per cent of the customer’s income.

On how to access the products, Macaulay said the beneficiary must be an account holder with Stanbic IBTC Bank, who can then walk into any branch of the bank and apply for any of the loans in a few easy steps. The application is then processed within one week and the customer is contacted with the feedback