Funmi Ogundare
Sterling Bank has inaugurated Edubanc, an innovative tech-based solution that will provide banking and social services for stakeholders in the education sector.
The solution aims to improve current learning outcomes and business growth for students, parents, and providers of educational services.
Speaking at the programme held recently in Lagos, the Edubanc General Manager, Damian Umeasala, described education as the cornerstone of progress, development, and growth in any economy today.
“However, financial constraints often hinder the dreams and potential of countless individuals,” said Umeasala. “At Edubanc, we firmly believe everyone should have equal access to quality education, regardless of their financial status. This is why we have created a solution that aims to remove the financial barriers that prevent individuals from realising their educational goals.”
He described Edubanc as a robust platform that provides students, parents, and educational institutions, a seamless route to secure funding, pay tuition, and access other value-added services.
According to him, products on the platform offer bespoke loan options with flexible repayment plans at competitive interest rates to ensure education remains within everyone’s reach.
The general manager explained that through these cutting-edge offerings, the platform has helped over 3,000 children remain in school, relieved the financial burden of 1,200 parents, granted free training to over 350 teachers, and introduced operational efficiency to about 1,000 schools.
He added that the offerings have also helped parents and students make informed decisions about their educational investment.
The National President of the National Association of Proprietors of Private Schools (NAPPS), Chief Yomi Otubela, cited gender disparities, insufficient access to education, insecurity, and poor infrastructural facilities as some of the educational sector’s challenges.
Sterling Bank’s Head of Education Finance, Njideka Nwabueze, moderated a panel discussion on ‘The current state of Education in Nigeria, Future prospects and what we need to do differently’.
