FCMB, Others Launch Education Loans Scheme For Undergraduates

An education and savings loans scheme that addresses the financial challenges of undergraduates of tertiary institutions have been unveiled in Lagos.

The scheme unveiled by Coverpage Partnership Solutions Ltd, is a collaboration with  First City Monument Bank (FCMB), Mutual Insurance, Metro Health, Cornerstone insurance and SUNU Health

They say the scheme could financially empower any Nigerian student to commence and complete tertiary education without having to drop out or defer admission.

Mr Abiola Metilelu, CEO, Coverpage Solutions speaking, said his company motivated by among others, that the mainstay of most developed countries remained education, and that education remained a critical component to unlock the full potential of the Nigerian economy.

Bemoaning the low share allocated to education in the 2021 budget, he added:

” But the sad reality of today is that students in tertiary institution in Nigeria are dropping out of school in their numbers. Largely for financial reasons and inability to pay tuition.”

According to him, PressPayNg has been positioned to champion technological convergence in the education sector, particularly at the tertiary level.

The Vice Chancellor of the University of Lagos, Prof. Oluwatoyin Ogundipe, who was represented by Deputy Vice Chancellor. Management Services, Prof. Lucian Chukwuma, described the initiative as timely.

He said UNILAG also had a loans scheme aimed at helping financially vulnerable students.

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The Ooni of Ife, Enitan Adeyeye, who was represented by Dr Kemade Elugbaju, the Sooko Omoniyi of Ife Kingdom, pledged his support for the project.

The royal father also requested that a similar unveiling be done in his homestead.

The Eagle reports that a loans scheme would be of tremendous help to the Nigerian education sector.

Aside the challenge of funding facing students, infrastructure is in very deplorable condition across universities and polytechnics.