A firm gives Education Loans and Savings plans for Students – PressPayNg is a social enterprise EdTech product created by a provider of education technology solutions to offer soft loans 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 designed to make it easier for students to pay their tuition on time in accordance with the academic calendar. The act is anticipated to dramatically flatten Nigeria’s tertiary education dropout rate curve, boost tertiary institutions’ yearly enrollment rates, assist them in increasing revenue and addressing infrastructure gaps, and boost the nation’s human capital development index.
At the official introduction of the app at the University of Lagos, Mr. Abiola Metilelu, the Chief Executive Officer of PressPayNg, made this statement.
Concerned about the country’s high rate of student dropouts from tertiary institutions, Metilelu said that action must be taken to address the ugly trend. He added that human capital development is essential to realizing the full potential of Nigeria’s economy because, as knowledge has become in most developed economies, it is the foundation of those economies.
“You’ll concur with me that higher education is the driving force behind the country’s output. It provides the fuel needed to maintain and advance national goals. Because educated people always make wiser judgments, education is a driver for economic growth and development. Tertiary education is expected to be accessible, equitable, and high-quality, he added, for Nigeria to stay up with current trends in education and for our institutions to be recognized internationally.
He claims that the company’s goal is to retain pupils in school and enhance Nigeria’s human capital development by working together with important stakeholders.
The ambitious EdTech solution provider company offers a wide range of products in addition to the tuition loans it will provide to keep students enrolled in tertiary institutions, including grants, scholarships, savings plans, and education health maintenance.
Regarding the insurance component of PressPayNg, the company is collaborating with some well-known names in the insurance sector to offer insurance coverage for students in the event that the parents of the affected students become incapacitated while the students are enrolled in school.
But there are other verticals and value-added services that we have also connected to the offering, such as higher education insurance and tertiary education health maintenance, according to Metilelu. You would see First City Monument Bank listed as one of the partner brands (FCMB). MetroHealth and Sunu Health are the participating financial institutions, together with FCMB. Those are the affiliated HMO companies.
“You would also see Mutual Benefit Assurance and Cornerstone Insurance, those are the partnered insurance firms,” the speaker continued. Parental insurance is the component. Both parents and students may be using the app, if you check. The latter can sign on to get loans and save money for tuition on behalf of the students.
We have added another vertical in which parents can sign up for insurance. The insurance provider will take over the student’s payment until graduation in the case that parents become incapable due to a death, injury, or serious sickness.
Prof. Oluwatoyin Ogundipe, vice chancellor of the University of Lagos, praised the company for bringing such social products to Nigerian students in his speech and noted that the products were timely. He gave the management the go-ahead to continue the endeavor and added that he was certain the product will stick around.
The Sooko Omoniyi of Ife Kingdom, Dr. Kemade Elugbaju, spoke on behalf of His Imperial Majesty, Ooni of Ife, Oba Adeyeye Ogunwusi, saying the king is concerned about youth empowerment via education and skill development.
The traditional leader praised the company’s initiative and management. As a result, the king has asked the company to introduce the same student loan program in higher institutions in Osun State.