The First City Monument Bank (FCMB) has partnered with PressPayNg, a digital financing platform for tertiary education to launch a tertiary education support solution platform aimed at bridging the gap between students in universities and polytechnics and their financial challenges.
Yemisi Edun, managing director/chief executive officer of
FCMB, at a media briefing held on Wednesday in Lagos, described education as
critical to meeting the human capacity requirement of national development.
According to her, millions of undergraduates face the
challenges of inadequate funding for their education in Nigeria.
“So this solution developed by FCMB and PressPayNg serves as
a platform for target-based individuals for loans, scholarships, crowd money
among other benefits. It is expected to help over 1.5 million young Nigerians
in the next three years to actualise their tertiary education dreams,” she
said.
“In addition, the platform provides a transparent system
where parents and guardians on their own can save towards the education of
their children.”
According to Edun, the platform is tailored to make higher
education accessible to young Nigerians who ordinarily are limited financially
in their tertiary education quest.
“The FCMB/PressPayNg education support solution platform is
meant to restore the dreams of young Nigeria undergraduates whose education
dreams might have been dashed. You can dream again with the FCMB-PressPayNg
App,” Abiola Metilelu, chief executive officer of PressPayNg, said.
According to him, the platform gives students access to up
to 50 percent of their tuition as student loans from the firm, while the
student contributes the other 50 percent with flexible savings plans.
Other co-partners of the initiative are Cornerstone
Insurance Plc, and Jobberman, among others.
Metilelu said 18 percent of tertiary education students drop
out of school every year due to financial challenges.
He said the idea of the app was borne out of his personal
experience while in the university. He said he suffered a delay in his tertiary
education calendar because he was not able to meet up with the tuition fees as
when due.
PressPayNg, a digital financing platform for tertiary education, says it has reached and on-boarded over 60,000 Nigerian students and parents by providing funding solutions to beneficiaries.
It said this was achieved through its partnership with First
City Monument Bank within nine months of the deployment of the platform/app in
November 2021.
“The development has gone a long way to bridge the funding
gap experienced by students and parents, offering them a suitable way to fund
their tertiary education fees through target savings, scholarships, loans and
crowdfunding,” the Team Lead, Technology Implementation of PressPayNg, Ebuka
Nwokoro, told journalists at a press briefing in Abuja.
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