Firm launches education savings, loans for students in public, private varsities
An education technology solution provider has developed a social enterprise EdTech product, PressPayNg to provide soft loan as a co-funding arrangement for tuition payment and other support services to Nigerian students in tertiary institutions.
The soft loan is a short-term tuition advance aimed at facilitating the prompt payment of tuition fees per academic calendar. The gesture, it is believed, will significantly flatten the curve of tertiary education dropout rate in Nigeria, increase the annual enrolment rate of tertiary institutions, help institutions generate more revenue and address infrastructural deficits in institutions and advance the human capital development index in the country.
The Chief Executive Officer, PressPayNg, Mr. Abiola Metilelu, stated this during the official launch of the app at the University of Lagos.
Worried by the rate of students dropping out in tertiary institutions in the country, Metilelu said solution must be sought to address the ugly development, noting that human capital development is a critical component for unlocking the full potentials of the Nigerian economy as knowledge has become the mainstay of most developed economies.
“You will agree with me that tertiary education is the engine room for national productivity. It is the oxygen for sustaining and advancing national ambitions. It is the catalyst for economic growth and development as educated people will always make better choices and informed decisions. For our nation, Nigeria, to keep abreast with global trends in education and for our institutions to achieve international recognition, tertiary education is expected to be accessible, equitable and qualitative,” he said.
According to him, the corporate objective is to see how the firm, in partnership with critical stakeholders, can keep students in schools and advance human capital development in Nigeria.
In addition to the tuition loans, the firm will give to keep students in tertiary institutions, the ambitious EdTech solution provider firm also offers education grants, scholarship, savings plans, education health maintenance among other varied products.
On insurance aspect of PressPayNg, the firm is partnering with some notable brands in insurance industry to provide insurance cover for students in the event of incapacitation of parents of the affected students in the course of study.
Metilelu said: “But there are other verticals, other value added services that we have also associated with the product, which is the tertiary education insurance and tertiary education health maintenance. You would notice as part of the partnering brands First City Monument Bank (FCMB). FCMB is the partnering financial institution, MetroHealth and Sunu Health. Those are the partnering HMO organisations.”
He further said: “You would see also Mutual Benefit Assurance and Cornerstone Insurance, those are the partnering insurance companies. The insurance leg is for the parent. If you check the app, both the students and parents can be onboard. The latter can onboard on behalf of the students to access loan and save towards the payment of tuition.”
For parents, what we have done is to add the other vertical that they can sign up insurance. In the event that parents become incapacitated either by reason of death, accident or critical illness, the insurance company will pick up the payment of that student till he or she graduates.
In his address, Vice Chancellor, University of Lagos, Prof. Oluwatoyin Ogundipe commended the firm for introducing such social products to Nigerian students, adding that the products are coming at the right time. He charged the management to sustain the initiative, adding that he has no doubt in his mind that the product has come to stay.
His Imperial Majesty, Ooni of Ife, Oba Adeyeye Ogunwusi, who was represented by the Sooko Omoniyi of Ife Kingdom, Dr Kemade Elugbaju, said the king is passionate about youth empowerment through education and skill acquisition.
The traditional ruler commended the initiative and the management of the firm. Consequently, the king has asked the firm to launch the same students loan scheme in Osun State tertiary institutions.