By Chisom Nwatu
First City Monument Bank (FCMB), a member of FCMB Group Plc, has partnered with fintech start-up PressPayNg and other organizations to provide a payment solution for student loans.
PressPayNg, which started operations in November 2021, said it had over 60,000 students on board and processed over 5 million naira in loans for students who could not pay their tuition fees.
Ebuka Nwakoro, Team Leader, Technology Implementation at PressPayNg, told reporters in Abuja that they were able to leverage funds from FCMB and some private donors to provide student loans at a rate of single digit interest.
However, for students to be able to access the loans, Nwakoro said they must also have saved up to 50% of tuition fees for the company to pay the balance.
He said only students who are serious about their studies, maintain an account on the app, and meet Know Your Customer (KYC) criteria are eligible for the financial support.
“In partnership with FCMB, students and parents can open education savings accounts directly on the PressPayNg app where they save for tuition payments in a flexible way with several benefits,” he said. note.
Ibukun Ola, chief strategist at PressPayNg, said students can also enroll in the health insurance opportunity offered by PressPayNg in partnership with more than 3,000 hospitals through a health management organization (HMO ).
Omotoyosi-Darey Akinwunmi from the finance department of PresspayNg said savings, access to loans and all financial transactions took place in the FCMB environment.