A financial technology start-up, PressPayNg, has partnered First City Monument Bank (FCMB) and other organisations to provide a payment solution for student loans.
The firm, which started operations in November, 2021, said it had on board over 60,000 students and had processed over N5m worth of loans for students who could not pay their tuition fees.
Briefing newsmen in Abuja, Mr Ebuka Nwakoro, Team Lead, Technology Implementation at PressPayNg, said they were able to leverage funding from FCMB and some private donors to provide the student loans at a single-digit interest rate, adding that for students to access the loans, they must have also saved up to 50 per cent of the tuition for the firm to pay the balance.
He said only students who were serious about their academics, maintained an account on the app and met the Know Your Customer (KYC) criteria could get the funding support.
He further said, “In partnership with FCMB, students and parents are able to open education savings accounts directly on the PressPayNg app where they save towards the payment of school fees in a flexible manner with several benefits.”
Chief Strategist at PressPayNg, Ibukun Ola, said the students could also subscribe to the health insurance opportunity they offered as they were partnering with over 3,000 hospitals through a Health Management Organisation (HMO).
Omotoyosi-Darey Akinwunmi of PresspayNg’s finance department said the savings, access to the loans and all the financial transactions happened within the environment of FCMB.