By Nume Ekeghe
â€‹Stanbic IBTC Bank has unveiled an electronic value proposition for educational institutions to address the often cumbersome and costly payment and collection processes in schools as well as address the financial and investment needs of schools.
The proposition includes a payment and collection solution, investment and funding solutions for schools.
The launch took place recently in Lagos at a function the bank organised to appreciate its customers in the education sector.
The Bank said in a statement that the new education solution, which is cost effective, easy and convenient to deploy and use, was set to revolutionise all aspects of financial transactions in schools.
According to the bank, with the e-solution, parents and guardians can now seamlessly pay for their wardsâ€™ school fees and other school payments from the comfort of their homes or offices without having to engage the school at any stage of the payment process while the school is also able to track inflows and match each payment with specific student or project without the need to verify by engaging parents.
In his address, Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, thanked the customers for their patronage.
â€œStanbic IBTCâ€™s role goes beyond financial intermediation. We see ourselves as solutions providers committed to driving your progress always,â€ Sogunle said.
He added: â€œEducation, we all know, is the bedrock of development of civilisation and we cannot downplay its important role in the future of the country.
â€œThis and other observed gaps in financing, payment and collection processes informed our development of a robust value proposition anchored on electronic solutions for the education sector.â€