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Chuks Udo Okonta
Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has reassured parents and guardians, as of its readiness to help minimize the financial burden of paying their children/wards fees as well as maximize a stress free payment process through its e-solution offering.
The bank said it has a bouquet of educational payment solutions which includes Short Term Loans that are quick and easy to get, Salary Advance (SALAD) for salaried workers as well as its credit cards that parents can take advantage of at minimal cost. Others are its international money transfer solutions for payment of school fees and allowances abroad and the digital payment options. It added that its prepaid cards are available to load 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. The school fees payment solutions according to the bank, underlines the importance it attaches to education.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank Plc, Wole Adeniyi, said a prosperous future for the family and the nation is hinged on the educational development of children, and that the bank is keen to offer the needed support to parents/guardians to ensure they bequeath their children this important legacy. “Stanbic IBTC appreciates the fundamental role education can and do play in transforming a society, which is why we have developed these products tailored to the needs of our customers to help them provide quality education for their children/wards,” Adeniyi said.
“Stanbic IBTC will continue to develop products and services to support the attainment of quality education. The array of personal loan products is a fast, simple and convenient way by which customers can meet their short term financial obligations to educate their children. And the repayment terms are very convenient,” he added.
Other benefits of the school fees loans, according to Adeniyi, include low interest rates, access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100 per cent of the customer’s income. With schools resuming for a new term, the school fees loans will help to alleviate the financial burden parents and guardians may face in paying school fees.
To access the loan solutions from the bank, according to Adeniyi, the beneficiary only needs to be a salary account holder with Stanbic IBTC Bank or a customer who has investments with any of the group subsidiaries and then he/she can walk into any branch of the bank and apply for any of the smart loans in a few easy steps. The application is then processed and the customer is contacted with feedback.
For customers with children/wards studying overseas, he disclosed that the bank is ready to assist them access the needed foreign exchange, which it offers at very competitive rates, in making school fees payment seamless and painless. “Stanbic IBTC Bank will continue to leverage the expertise of the Stanbic IBTC Group to provide services and develop products that address the specific needs of our customers,” Adeniyi said.
Stanbic IBTC Bank Plc is a subsidiary of Stanbic IBTC Holdings Plc, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African Bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institution in chosen countries in Africa and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.