James Emejo in Abuja
Africa’s foremost tertiary education financing digital platform, PressPayNg, said it has provided convenient opportunities to secure creative funding solutions for tertiary education.
The Team Lead, Technology Implementation of the company, Mr. Ebuka Nwokoro, said the platform had reached and on-boarded over 60,000 Nigerian students and parents.
He described the impressive feat as a major turning point in the commitment of the firm towards ensuring that tertiary education is accessible, affordable and attainable.
Nwokoro, pointed out that the milestone was achieved within nine months of the deployment of the platform/app on November 24, 2021.
Speaking at a media briefing, he said the development had helped to bridge the funding gaps experienced by students and parents, offering them a suitable way to fund their tertiary education fees through target savings, scholarships, loans and crowdfunding.
Essentially, the PressPayNg App provides a transparent process where students and parents on their own can save towards paying for school fees.
In addition, individual philanthropists, corporate organisations and multilateral agencies can fund students through scholarships and grants on the platform.
The solution leverage funding from corporate organisations, including First City Monument Bank (FCMB) and some private donors to provide the student loans at a single-digit interest rate.
Nwokoro, explained that o access the loan, students or their parents must have also saved up to 50 per cent of the tuition for the firm to pay the balance.
Lenders can also use the platform to provide funding and crowdfunding support to undergraduate and post graduate students in Nigeria.
Highlighting the impact of PressPayNg and its digital content in the last nine months, he said, ‘’We have offered tertiary education scholarship and tuition donations to several students across the geo-political zones in the country.
“We have also created a platform where Nigerian students crowdfund their education by generating a unique link the y share with their community of friends, families, celebrities, donors, philanthropists and diasporans to enable them curate funding support in a credible, transparent, and seamless manner’’.