Monday, September 8, 2025
24.1 C
Lagos

Stanbic IBTC Supports Educational Institutions with School Loans

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a School Loan product for private primary, secondary and tertiary institutions, to enable them meet their short-term financial requirements.

After several months of physical and economic disruption due to the COVID-19 pandemic, schools are gearing up for proper resumption to contribute meaningfully towards national development continually. One of the apparent effects of the pandemic on the educational sector is the inadequacy of funds.

The Stanbic IBTC School loan is available to privately owned schools for the establishment, expansion or upgrade of primary and specialised facilities. It can also be used for short term working capital requirements.

Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, said “The School loan product is designed to support institutions which have been in operation for at least five years. We understand the current financial situation of the country, especially the effect of the pandemic, which has disrupted plans and processes.”

“Stanbic IBTC will continue to provide solutions aimed at mitigating the effect of the pandemic on both individuals and organisations,” he added.

Remy further reiterated that the School loan product is not restricted to the pandemic period as institutions can always apply for it. The tenor of the loan ranges from 90 days to 48 months, and the minimum applicable loan is N1 million.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Old Mutual Nigeria Celebrates Parent Company’s 178 Years of Financial Service Heritage

Samuel Ogbu West Africa Chief Executive Officer Old Mutual Old Mutual...

Guinea Insurance Pledges Positive Reforms

The recent retirement announcement of the erstwhile Chairman and...

PenCom Plans Pre-retirement Workshop for Prospective CPS Retirees

The National Pension Commission (PenCom) has concluded plans to...

KPMG Recognises PalmPay for Excellence in 2024 West Africa Banking Industry Customer Experience Survey

PalmPay, a leading Africa-focused fintech platform, has been recognized...

Stock Market Statistics: Wednesday, 18th October 2017

Market Cap (N'bn)               12,612.6 Market...

ITU Unveils New ‘Access to Information’ Policy

ITU has started the New Year by launching a...

AMCON Takes Over Daily Times Plc

In continuation of its recovery activities in the new...
spot_img

Related Articles

Popular Categories

spot_imgspot_img