The current economic downturn is increasingly taking its toll on virtually everyone in the country with most household now struggling to meet up with basic needs – feeding, clothing and shelter.
With the new academic session inching close, there is no doubt some Parents and Guardians will be under pressure to financially meet up with their academic obligation to their children and wards.
In response to this likely ugly scenario, RenMoney Microfinance Bank Limited, provider of “simple money solutions” has unveiled its new school fees loan initiative.
The new product will allow Parents and Guardians who are financially constrained access school fees loans in a seamless and faster way.
According to the bank which has consolidated its status as the frontrunner in innovative banking solutions, Parents who are credit worthy can enjoy lesser interest rates and faster processes on school related expenses such as tuition, registration, books, lunch, sports, etc if their children’s school has an existing partnership with RenMoney.
“Getting fast access to cash should not be a problem especially when it affects the future of your child”, Graham Lee, CEO RenMoney MFB Limited said in a statement released to BusinessDay to announce the new product launch.
Lee explains that RenMoney is committed to bridging the funding gap and providing an enabling environment between school administrators and parents in terms of fees, so that children can stay in school and learn despite the current economic downturn.
RenMoney also encourage schools to partner with them to make school fees period hassle free for both schools and parents as qualified parents can access up to NGN 2, 500, 000 loan with the fees are paid directly to the school.
Parents who wish to enjoy this product can introduce their child’s school to RenMoney by sending a mail to [email protected]. Likewise, School owners or administrators who would like to partner with RenMoney can also send their details to the above mail address.
RenMoney boasts of a fast growing customer base of over 25,000 people in Lagos and has one of the strongest and well-tailored portfolios of products and services aimed at providing solutions to the everyday money needs of Nigerians.
The bank’s services include Unsecured Cash Loans, Fixed Deposits, Target Savings, POS Loans, School Fees Loan and Smartphone Financing.
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