By Nkiruka Nnorom
As schools reopen for another term, Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has again reassured parents and guardians of the bank’s readiness to help offset the financial burden of paying their children/wards fees through its school fees payment solutions.
The bank said it has a bouquet of educational products and payment solutions such as the school fees facility, Short-Term Loans, Salary Advance (SALAD) for salaried workers and its payment cards that parents can easily access and use to pay the school fees of the wards of account holders. According to the bank, the 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.
Executive Director, Personal and Business Banking, Stanbic IBTC, Babatunde Macaulay, said the development of the educational products is the bank’s way of showing that it cares about its customers as well as the educational development of their wards. According to him, the bank understands that education is the bedrock of personal and societal development. “At Stanbic IBTC, we are attuned to the needs of our customers and we regularly strive to provide innovative financial and payment solutions tailored to those needs,” he said.
“Stanbic IBTC,” he added, “will continue to develop products and services to support the attainment of quality education. The school fees loan is a fast, simple and convenient way through which customers can meet their short-term financial obligations to educate their children. And the repayment terms are very convenient.”
Other benefits of the school fees loans, according to Macaulay, 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.
On how to access the products, Macaulay said the beneficiary must be an account holder with the bank after which the customer can walk into any branch of the bank and apply for any of the loans in a few easy steps. The application is then processed within one week and the customer is contacted with feedback.