First City Monument Bank ( FCMB) in partnership with PresspayNG, has expressed their readiness to assist over 1.5 million young Nigerian undergraduates in the next three years to actualise their higher education dreams through a digital App that offers creative financing solutions.
The Chief Executive Officer of the Bank, Mrs.Yemisi Edun who briefed journalists, at the launch of FCMB and PresspayNG platform in Lagos, said with the PressPayNg App, parents, guardians and students in tertiary institutions in Nigeria can open the bank’s tertiary education account and savings of school fees or tuition, gain access to scholarship and grants.
The aim of the initiative, she stated, is to make education accessible to young Nigerians, reduce drop out rate and ultimately increase human capital development in the country, adding that the bank is proud to be associated with the initiative.
According to her, “the solution developed in conjunction with PresspayNG serves as a platform for target savings, loans, scholarship and crowdfunding. It is expected to help over 1.5 million young Nigerians in the next three years to actualise their higher education dream.
” In addition, the platform provides a transparent process where parents and students on their own, can save towards paying for school fees. It will also ease the financial challenges for families trying to pay for the education of their children and wards. Individual philanthropists , corporate organisations and agencies
will also be encouraged to fund students through scholarship and grants.”
Edun however, urged all existing undergraduate to take advantage of the platform to fulfill their aspirations.
The Chief Executive Officer of PresspayNG, Mr. Abiola Metilelu said students can crowdfund Their tuition by soliciting public donations from friends, relatives and the general public, access soft-loans to pay school fees at a highly subsidised interest rate through the PressPayNG App.
To Access the products, he noted that students and parents can download the App from their playstore, register, open FCMB account to unlock the possibilities it offers.
“These digital products, targeted at all levels of tertiary education in Nigeria will increase tertiary education enrolment and retention rate, promote institutional diversification, strengthen the quality and relevance of tertiary education, and offer greater equity mechanisms to assist disadvantaged students,” the CEO stressed.