Sterling Bank has recently unveiled a groundbreaking solution called Edubanc, aiming to provide banking and social services tailored to the needs of stakeholders in the education sector.
The initiative, launched by Mr. Damian Umeasala, General Manager of Edubanc, intends to enhance learning outcomes and drive business growth for students, parents, and educational service providers.
Speaking at the launch event in Lagos, Mr. Umeasala emphasized the pivotal role of education in the progress and development of any economy.
He acknowledged that financial constraints often impede countless individuals from realizing their educational aspirations.
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In light of this, Edubanc was created to eliminate the financial barriers that hinder access to quality education for all, regardless of their financial status.
Edubanc boasts a robust platform that seamlessly connects students, parents, and educational institutions, offering a comprehensive range of services.
One of the key features is the provision of bespoke loan options with flexible repayment plans, ensuring education remains within reach for everyone.
These loan options come with competitive interest rates, addressing the unique challenges faced by students and families in today’s dynamic world.
However, Edubanc goes beyond traditional financing models by incorporating advanced technologies. The platform introduces products such as Edpay, School Management System, free teachers training, and online tuition collection services.
These cutting-edge offerings have already made a significant impact, enabling over 3,000 children to stay in school, relieving the financial burden of 1,200 parents, providing free training to more than 350 teachers, and introducing operational efficiency to approximately 1,000 schools.
By leveraging these innovative tools, Edubanc empowers parents and students to make informed decisions about their educational investments.
The platform’s commitment to partnering with leading educational institutions ensures a holistic solution that addresses the financial aspects while fostering a supportive and nurturing learning environment.
Edubanc aligns with the educational goals and values of schools, tech educational institutions, and vocational institutes, providing a strong foundation for the future.
Chief Yomi Otubela, National President of the National Association of Proprietors of Private Schools (NAPPS), also emphasized the challenges faced by the education sector.
Gender disparities, insufficient access to education, insecurity, and poor infrastructural facilities were identified as key issues.
Chief Otubela stressed the need for investment in the education system, stating that it directly correlates with investing in the future.
Furthermore, he highlighted the importance of educational curriculum reform to make it dynamic, relevant, and aligned with global standards.
Chief Otubela emphasized the need to prioritize critical thinking, problem-solving skills, creativity, as well as values such as honesty, hard work, selflessness, and service to humanity.
As part of the launch event, a panel discussion on “The current state of Education in Nigeria, Future prospects and what we need to do differently” was moderated by Mrs. Njideka Nwabueze, Sterling Bank’s Head of Education Finance.
Distinguished guests such as Rachel Onoja, Head of Operations at AltSchool, Francis Ogunlaja, Financial Controller at Decagon, and Henry Nnalue, CEO at Allpro Technologies, among others, shared their insights and expertise.