Sterling Bank has recently launched Edubanc, an innovative tech-based solution to providing 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.
Mr. Damian Umeasala, General Manager of Edubanc, stated at the launch in Lagos over the weekend: “Education has always been the cornerstone of progress, development, and growth in any economy in the world today. However, financial constraints often hinder the dreams and potential of countless individuals.
“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 realizing 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.
“We understand the unique challenges students and families face in today’s dynamic world. This is why Edubanc goes above and beyond traditional financing models by incorporating advanced technologies in the development of products such as Edpay, School Management System, free teachers training, and online tuition collection services,” Umeasala explained.
He revealed 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.
“We are committed to partnering with leading educational institutions to provide a holistic solution that addresses the financial aspects and fosters a supportive and nurturing learning environment.
“Our collaboration with schools, tech educational institutions, and vocational institutes ensures that Edubanc aligns with their educational goals and values,” Umeasala said.
He stated that as Edubanc embarks on a journey to empower countless individuals to pursue their dreams and unlock their true potential, they envision a future where education knows no financial boundaries and every dreamer can aspire and achieve.
Chief Yomi Otubela, National President of the National Association of Proprietors of Private Schools (NAPPS), also spoke, citing gender disparity, insufficient access to education, insecurity, and poor infrastructural facilities as some of the educational sector’s challenges.
He expressed the need to invest in the education system because “when we invest in it, we are investing in our future.”
Otubela said there is also a need to reform the educational curriculum to make it dynamic, relevant, and in line with global standards, adding that there is a need to emphasize critical thinking, problem-solving skills, creativity, as well as honesty, hard work, selflessness, and service to humanity.
Mrs. Njideka Nwabueze, Sterling Bank’s Head of Education Finance, moderated a panel discussion on “The current state of Education in Nigeria, Future prospects and what we need to do differently”. A few notable mentions were Rachel Onoja, Head of Operations at AltSchool, Francis Ogunlaja, Financial Controller at Decagon, Henry Nnalue, CEO at Allpro Technologies and many others.
