The parties disclosed this in a statement on Friday.
“Sterling 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 Ehizuahub courses listed on EdPay.
“Students onboarded by Ehizua Hub will access flexible 12-month loan from Sterling Bank to fund creative technology programmes as well as online and on-campus studies with Torrens University, Australia,” the statement reads.
Matthias Ehizua, the Founding Chief Executive Officer of 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, Sterling Bank‘s Divisional Head, Health and Education, commented, “Sterling Bank is positively 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.”
According to the statement, Ehizua Hub and Sterling Bank focus on profitability through positive social impact, responsible lending practice and net financial outcome for students.
“EdPay loans attract an interest rate of 19.75 per cent yearly and credit insurance of one per cent. Additionally, students will receive 70 per cent scholarship for online studies with Torrens University and up to 30 per cent scholarship on campus study in Australia, providing a net zero interest on Sterling Bank loan to students.
“Ehizua Hub will also facilitate admissions and scholarships to Torrens University Australia,” it explained.
The Senior Vice President International of Torrens University, Mark Falvo, was quoted as saying, “Our commitment with Ehizua Hub to facilitate admissions and scholarships for students to Torrens University Australia is driven by our 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.”
The Advisory Board Chair of Ehizua Hub, Dr Obiageli Ezekwesili, lauded the partnership as a direct commitment of Sterling Bank and Ehizua Hub to create access to quality Australian education.
She added, ” 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.
“Students, parents or third parties can apply for up to N5m yearly loan for tuition fee, subject to Sterling Bank’s lending criteria. To learn more, visit here.”