Stanbic IBTC Creates School Fees Payment Products for Parents
By Dipo Olowookere
As children prepare and get excited to resume of the 2019/2020 academic session this month, some parents are running helter skelter looking for how they can pay school fees.
But Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has come to the rescue with the introduction of a suite of educational payment products that will ease the burden of school fees which parents and guardians have to bear.
Stanbic IBTC Bank Plc, being a Nigerian bank, specifically developed the educational products, taking cognisance of the country’s cultural nuances.
The first of the solutions is the EZ cash loan/advance. Parents and wards, who are strapped for cash at the point when school fees payment are due, can take advantage of the EZ cash loan which gives access to loans, in less than a minute, to pre-approved customers.
Salaried employees can also take advantage of Salary Advance (SALAD), another of the bank’s short-term loans that are quick and easy to get.
Another of Stanbic IBTC Bank Plc’s educational products is an international money transfer solution for payment of school fees and allowances abroad.
Added to that are prepaid cards which can be preloaded with pocket money for children/wards, while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees.
According to the CEO of Stanbic IBTC Bank, Dr. Demola Sogunle, the bank attaches a high premium to learning, hence the need to develop solutions which parents and guardians can take advantage of to ensure that their wards get the desired level of education.
“We are a Nigerian bank and we realise that whilst parents and guardians may have desired levels of education for their children, funding may be a deterrent in the pursuit of these dreams.
“We have hence developed these products which will ease the burden of school fees payment while also providing satisfaction to the parents and guardians that their wards are getting good education,” he said.
Mr Sogunle identified a deep understanding of Nigeria and developing tailor-made solutions as factors that distinguishes Stanbic IBTC Bank as a leading Nigerian financial institution.
He added that the bank’s loan products offer fast, simple and convenient ways by which customers can meet their short-term financial obligations to educate their wards, with very convenient repayment terms.
Other benefits of the school fees loans are: access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100 percent of the customer’s income. With schools resuming for a new term, the school fees loans will help to alleviate the financial burden parents and guardians may face in paying school fees.
The Stanbic IBTC Bank chief explained that the conditions for accessing the loan products were having a salary account with the bank; or having investments with any of the Stanbic IBTC group subsidiaries.
Loan applicants can walk into any branch of the bank and apply for any of the education loans in a few easy steps. The application is then processed and the customer is contacted with feedback.
Stanbic IBTC Holdings is a Nigerian financial institution with eight subsidiaries and an estimated staff strength of 5,000 Nigerians.
Furthermore, 80 percent of the Stanbic IBTC board members are Nigerian.