Sterling Bank partners Audax Solutions on education, launches campaign

STERLING Bank has launched a Back-to-School campaign. The campaign is aim at providing succour for all stakeholders in the sector as schools resume in September.

The primary targets for the campaign are primary and secondary schools administrators, owners and teachers while the secondary audience are all primary and secondary school students and their parents.

Areas covered under the campaign include school financing, asset finance, textbook and educational materials finance for schools; school fees finance for parent, among others.

The bank’s Group Head, Strategy & Finance, Shina Atilola, in a statement explained that the school fees financing solution was introduced to provide parents with instant financing for school fees and allow them put their kids in school while awaiting salaries and other receivables.

He explained that under the bank’s asset finance scheme, existing and new account holders will qualify for short-term financing against receivables while “Sterling Bank can finance acquisition of buses, ICT infrastructure, interactive boards and other items the school may wish to purchase in the Back-to-School season under the asset finance scheme”.

The bank’s chief strategist explained that schools in the books of the bank can access finance for a 90-day tenor at very competitive rates compared to the industry benchmark. “This would be an incentive to school owners  as surveys have shown that a large number of schools have challenges with payment of salaries and for renovation projects when school fees are not fully received’’, he explained.

Atilola added that “existing and prospective schools can also enjoy free deployment of our Eduportal and Payment Gateway at no cost to the school.”

The solution, he noted, provides a platform to integrate the payment of school fees, levies and any other school-related payments. The platform also aids record-keeping, and make for seamless day-to-day management of operations in schools.