Sterling Bank partners Ehizua Hub to bridge education funding gap
Ehizua Hub, an Australian education and creative technology hub, has sealed a deal with Sterling Bank Plc to bridge the financial gap in accessing online and on-campus quality Australian education.
According to a press statement by both parties last week, the bank has integrated Ehizua Hub to EdPay via its Edubanc platform to allow the bank to provide services, including credit facilities and other value-added services. As part of the agreement, the bank will underwrite students’ loans to fund their tuition.
“Students on board by Ehizua Hub will access a flexible 12-month loan from Sterling Bank to fund creative technology programs as well as online and on-campus studies with Torrens University, Australia,” the statement stated.
Matthias Ehizua, the founding chief executive officer at Ehizua Hub said, “The partnership with Sterling Bank represents our commitment to leveraging technology and strategic partnerships to provide affordable and flexible education loan products that generate significant social returns to students.”
Obinna Ukachukwu, the divisional head, of health and education at Sterling Bank commented in the same vein that the bank is impacting and growing the education sector in Nigeria and has developed Edubanc, a digital banking platform that addresses the needs and challenges of tuition fee payments by making Edpay, an education loan product, available to Ehizua Hub Students and parents.
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The statement further highlights that both Ehizua Hub and Sterling Bank focus on profitability through positive social impact, responsible lending practice, and net financial outcomes for students.
“EdPay loans attract an interest rate of 19.75 percent yearly and credit insurance of one percent. Additionally, students will receive 70 percent scholarship for online studies with Torrens University and up to 30 percent scholarship on-campus study in Australia, providing a net-zero interest on the bank’s loan to students.”
It further added that Ehizua Hub will also facilitate admissions and scholarships to Torrens University Australia.
Mark Falvo, the senior vice president at International of Torrens University commented that their commitment with Ehizua Hub to facilitate admissions and scholarships for students to Torrens University Australia is driven by their pledge to fundamentally be good.
“This simple but powerful ethos affirms our commitment to champion the power of education to connect Africa for good. It is embedded in support for our students.”
Obiageli Ezekwesili, the advisory board chair at Ehizua Hub lauded the partnership as a direct commitment of Sterling Bank and Ehizua Hub to create access to quality Australian education.
“Students will be enrolled as Torrens University Australia students and receive online lectures and support from Torrens University Australia Success Coaches and have the option to continue their studies in any of Torrens University campuses in Australia,” Ezekwesili said.