Stanbic IBTC Introduces New Educational Products

By InstinctBusiness Sep 18, 20190

A Nigerian financial and commercial institution Stanbic IBTC Bank Plc has steps up to reveal a suite of educational payment products that will relieve parents and guardians of the burden of school fees payment.

According to the bank, it was stated that, it is specifically developed the educational products, taking cognisance of the country’s cultural nuances. The first of the solutions was the EZ cash loan/advance.

A statement from the bank explained the rationale behind the unveiled products: “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.”

Chief Executive, Stanbic IBTC Bank, Dr. Demola Sogunle, mentioned that, 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.

He further stressed and said, “We are a Nigerian bank and we realize 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.”

In addition, Sogunle pointed out a deep understanding of Nigeria and developing tailor-made solutions as factors that distinguishes Stanbic IBTC Bank as a leading Nigerian financial institution.