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January 4, 2022

Dozy Mmobuosi launches foundation to support Nigerian tertiary students among others

Dozy Mmobuosi launches foundation to support Nigerian tertiary students among others

Unlike its neighbouring Ghana with the Students Loan Trust Fund established to provide support for tertiary education in the country, government credit facilities for Nigerian students is non-existential.

There are currently no traces of the Nigerian Student Loan Board established in 1972 and the 1993 Nigerian Education Bank Act which mandates the founding of a bank for the sole purpose of giving loans for educational purposes hasn’t yielded any fruit.

To bridge the enormous gap in the tertiary education support system, companies that are mostly financial institutions have taken up the mantle of providing student loans to Nigerians but most of these loans are two-digit interest rates with a shorter repayment period.

To make his impact in the tertiary education space in Nigeria, and Africa by extension, the Founder and CEO of Tingo Inc. and Tingo International Holdings, Dozy Mmobuosi has launched a foundation towards addressing these and many other challenges facing the continent.

The foundation, Dozy Mmobuosi Foundation, launched on January 1st, 2022 and one of its key focuses is the provision of financial support for Africans that can’t afford tertiary education, starting with Nigeria.

According to Mmobuosi, the plan is to provide fair and affordable student loans to African students in tertiary institutions, starting with Nigeria.

He also affirmed that the loan would be a five-year tenured loan at 5% interest rate. Loan beneficiaries won’t start repayment until five years after taking the loan which is also when the interest rate will become effective.

As it is, the foundation’s innovative student loan initiative is the most affordable and efficient way of funding tertiary education in Nigeria, through a third party.

The foundation will also be providing courses around critical thinking and entrepreneurship, an initiative that Mmobuosi believes will be the framework for a highly-skilled, high performing, next-generation workforce and leadership which will pave the way for Africa to meet its true potential.

Other initiatives of the foundation as confirmed by Mmobuosi include the provision of grants for widows and smallholders farmers while also supporting gender equality-related activities.

The foundation will also explore ways to support vaccine production and distribution in Nigeria.