The convenient digital platform provides a transparent
process where students/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.
Lenders, including FCMB, can also use it to provide funding and crowdfunding
support to undergraduates.
The platform is a value proposition that will make higher
education accessible to young Nigerians, reduce the dropout rate, and
ultimately boost human capital development in the country. In addition, the
student loan product will ease the financial challenges faced by parents,
guardians and families trying to provide better education for their children
and wards.
Parents and students can conveniently access the value-added
FCMB and PressPayNg platform by downloading the PressPayNg App from the
Playstore, then register and open an FCMB Account to benefit from the array of
opportunities on offer.
Speaking at a ceremony to launch the product on June 1,
2022, in Lagos, the Managing Director of FCMB, Mrs Yemisi Edun, described it as
the key that will unlock uninhibited access to quality education for young
Nigerians from all walks of life.
According to her:
“We are proud to play another vital role in promoting
education in Nigeria. Education is a critical resource for meeting the manpower
requirement for national development.
However, this resource has continued to be limited by the
inability of most parents and youths to secure the necessary financial support
to enrol in higher institutions and graduate successfully.
As a responsive and caring institution, we are excited to partner
PressPayNig to solve this difficulty by offering existing and prospective
students a convenient platform and clear pathway to pursue their dreams in
universities, polytechnics, and education colleges.
Beyond the funding opportunities of this Tertiary Education
Savings & Loans digital product, beneficiaries also have the privilege to
secure holiday jobs, which will provide additional financial support and build
their capacity. We are committed to helping students, parents, customers, and
Nigerians succeed without any limitation”.
Also speaking at the ceremony, the Chief Executive Officer
of PressPayNg, Mr Abiola Metilelu, said:
“There is intensifying demand for expanded access to good
quality tertiary education. This education savings and loan product from
PressPayNg and FCMB is targeted at all levels of tertiary education in Nigeria.
It will increase enrolment and retention rate, promote
institutional diversification, strengthen the quality and relevance of tertiary
education, and offer greater equity mechanisms to assist disadvantaged
students.
The corporate objective for PressPayNg is to empower the
ambition of every Nigerian to become educated and flatten the curve of tertiary
education dropouts by offering disruptive, innovative, and creative solutions.
This partnership has given birth to a Silverbullet Solution, an idea whose time
has come. Our message to parents, guardians, and students in tertiary
institutions across the country is that with PressPayNg, you can dream again”.
Over the years, FCMB has reached out to over 100,000
Nigerians who desire higher education within and outside Nigeria through its
Education Advisory Services.
In addition, the Bank’s Education Investment Plan (EIP)
product offers loan support, counselling on admission processes, facilitation
of school fees remittances and discounted student airline travel packages for a
child’s education abroad.
A purpose beyond profit commercial banking institution,
First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as
Group Chief Executive. The Bank is committed to COVID-19 recovery, income
equality and poverty reduction.