As part of policy to boost customer-base, the management of Standard Life Organisation (SLO), a microfinance institution, has launched an educational loan product to woo school proprietors and parents.
BusinessDay reports that the educational loan product was aimed at reducing parents’ burden in meeting the educational needs of their children as well as outrageous numbers of out-of-school children in Nigeria.
Speaking at the launch of the product in Benin City, Osazee Oyegue, executive director of the financial institution, said it was designed to make parents send their children to school and other training institutions with ease and with less financial burden.
Oyegue, represented by Elizabeth Osariemen, head of audit, said the product was also geared towards helping parents to save for their educational upkeep as well as to assist the schools to acquire the much needed facilities and equipment to aid effective learning.
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He said over 66 schools have benefited from the scheme in Edo and Delta states during the pilot stage that had lasted for six months.
He called on the government to support the efforts of private sectors to take children off the streets.
He also urged government to provide support for private schools to thrive, especially those involved in basic one to six.
According to him, the institution is not only looking at taking back children to school but also to help improve the schools for conducive learning.
“We are making it open for every private school in Edo State and many other states in Nigeria to benefit from it. I will like to use this opportunity to call on private school owners, parents, and guidance to take advantage of this opportunity”, he said.
He explained that the educational loan products is divided into two segments such as School Fees Loan (SFL) and School Improvement Loan (SIL).
He added that the SFL cater for parents, school improvement in different categories for both private and public schools respectively while the SIL is meant to satisfy private school owners and other players in the education value chain.
Also speaking, Kelvin Eboigbe, chairman, Oredo chapter of National Association of Proprietors of Private Schools (NAPPS), commended the financial institution for the opportunity given to school owners and parents to benefit from the programme.
Some proprietors and proprietress at the occasion also commended the organisation for the loan and called for its sustenance.
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