• Sun. Feb 9th, 2025

Sterling Bank Launches Edubanc, Tech-Based Solution For Nigerian Education Sector

ByHybridNewsNg

Jul 1, 2023

Sterling Bank has unveiled a groundbreaking tech-based solution called Edubanc, aimed at providing banking and social services to stakeholders in the Nigerian education sector.

The innovative platform seeks to enhance learning outcomes and drive business growth for students, parents, and educational service providers.

Speaking at the launch event in Lagos, Mr. Damian Umeasala, General Manager of Edubanc, emphasized the pivotal role of education in fostering progress, development, and economic growth. He highlighted the financial obstacles that often impede individuals’ dreams and potential and underscored Edubanc’s commitment to ensuring equal access to quality education for all, regardless of their financial status.

“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 said.

Describing Edubanc as a robust platform, Umeasala outlined its features that offer a seamless pathway for students, parents, and educational institutions to secure funding, make tuition payments, and access various value-added services. The platform provides tailored loan options with flexible repayment plans and competitive interest rates, making education affordable and accessible to a wider population.

Recognizing the unique challenges faced by students and families in today’s rapidly evolving world, Umeasala stressed that Edubanc surpasses traditional financing models. The platform incorporates advanced technologies to develop products such as Edpay, a School Management System, free teacher training, and online tuition collection services. These cutting-edge offerings have already made a significant impact, benefiting over 3,000 students by enabling them to remain in school, relieving the financial burden of 1,200 parents, providing free training to more than 350 teachers, and enhancing operational efficiency for approximately 1,000 schools.

Moreover, Umeasala highlighted how Edubanc empowers parents and students to make informed decisions regarding their educational investments.

By collaborating with leading educational institutions, tech-focused organizations, and vocational institutes, Edubanc ensures alignment with their educational goals and values, resulting in a holistic solution that addresses financial aspects while fostering a supportive and nurturing learning environment.

With a vision of breaking down financial barriers in education and unlocking the true potential of countless individuals, Edubanc embarks on a journey to make education accessible to all. Umeasala expressed his hope for a future where education knows no financial boundaries, enabling every aspiring student to achieve their dreams.

Chief Yomi Otubela, National President of the National Association of Proprietors of Private Schools (NAPPS), also addressed the audience, highlighting the challenges faced by the educational sector, including gender disparities, limited access to education, insecurity, and inadequate infrastructure. Otubela emphasized the need for investment in the education system, noting that such investments are essentially investments in the nation’s future.

Furthermore, Otubela stressed the necessity of educational curriculum reform to ensure its relevance and alignment with global standards.

He called for a greater emphasis on critical thinking, problem-solving skills, creativity, as well as values such as honesty, hard work, selflessness, and service to humanity.

During the launch event, a panel discussion titled “The current state of Education in Nigeria, Future prospects and what we need to do differently” was moderated by Mrs. Njideka Nwabueze, Sterling Bank’s Head of Education Finance. The panel featured esteemed participants including Rachel Onoja, Head of Operations at AltSchool, Francis Ogunlaja, Financial Controller at Decagon, Henry Nnalue, CEO at Allpro Technologies, and several other industry experts.

The introduction of Edubanc marks a significant step towards revolutionizing the Nigerian education sector by leveraging technology to overcome financial barriers and enhance educational opportunities for all stakeholders.

With its comprehensive range of services and collaborative approach, Edubanc aims to create a future where education is truly limitless and empowers individuals to reach their full potential.

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