Bank wins award for education funding
For deploying its landmark Agent Banking Edu-Finance Scheme to ease the burden of upfront payments of school fees on parents and provide funding for schools to run their businesses, Sterling bank Plc, has clinched the Banking in the Community Award.
The bank won the award at the Bank of the Year 2019 Awards organised by The Banker in London, United Kingdom.
The Banker, which is a British English-language monthly international financial affairs publication owned by The Financial Times Limited, use the yearly awards to recognise the top financial institutions in the world.
Speaking on the award, Divisional Head, Retail and Consumer Banking, Sterling Bank, Mr. Shina Atilola, said they are proud of this particular award because even in industrialised countries or developing economies, there is still the challenge of including their poorest members in the financial system.
According to him, the scheme was launched on September 3, 2018 and has till date impacted more than 8,000 students, 5,800 parents and 4300 schools.
Atilola said in the first phase of the project, the bank recorded a participation count of 8,300 and disbursed N275m to 20 states in southern part of the country, while an additional N125m was disbursed in second phase to new customers from 18 states in the north with 80 percent repayment rate and non-performing loan rate of 10 percent.
He explained that the bank got the recognition by performing social functions that include reducing poverty, boosting prosperity and also ensuring a responsible and sustainable path to national growth.
Atilola said the Sterling Agent Banking Edu-Finance Scheme was introduced to ease the burden of about 70 percent of Nigerians who receive wages weekly and are unable to make upfront payments of school fees on behalf of their children. The bank is able to assist this category of Nigerians by providing loans of between N25, 000 and N100, 000 per term to pay school fees.
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