Stanbic IBTC Welcomes Students Back to School with New Educational Payment Products

 

 

 

 

 

 

A new school year started this month, and Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, has introduced a suite of user-friendly educational payment products that will relive parents and guardians of the burden of school fees.
The question now is, how do these educational payment solutions work?

Stanbic IBTC Holdings PLC is a Nigerian financial institution with eight subsidiaries and an estimated staff strength of 5,000 Nigerians. Furthermore, 80% of the Stanbic IBTC board members are Nigerian.

With this Nigerian-based perspective, the bank recognises the cultural nuances in Nigeria, and has thus specifically modelled these products to be a relief.

The first of the solutions is the EZ cash loan/advance. Parents and wards who are strapped for cash at the point when school fees payment are due, can take advantage of the EZ cash loan, which gives access to loans, in less than a minute, to pre-approved customers.

If you are a salary earner, you can take advantage of Salary Advance (SALAD), another of the bank’s short-term loans that is quick and easy to get.

Another of Stanbic IBTC Bank PLC’s educational products is an international money transfer solution for payment of school fees and allowances abroad.

Added to that are prepaid cards which can be preloaded with pocket money for children/wards, while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees.

Dr. Demola Sogunle, the Chief Executive, Stanbic IBTC Bank PLC, said that the bank has a high-importance view of learning, and in accordance with this, it develops solutions that parents and guardians can take advantage of to ensure that their wards get the desired level of education.

He identified a deep understanding of Nigeria and developing tailor-made solutions as factors that distinguishes Stanbic IBTC Bank as a leading Nigerian financial institution.

Speaking on this, he said, “We are a Nigerian bank and we realise that whilst parents and guardians may have desired levels of education for their children, funding may be a deterrent in the pursuit of these dreams. We have hence developed these products which will ease the burden of school fees payment while also providing satisfaction to the parents and guardians that their wards are getting good education.

He added that the bank’s loan products offer fast, simple and convenient ways by which customers can meet their short term financial obligations to educate their wards, with very convenient repayment terms.

Other benefits of the school fees loans are: access to a revolving line of credit, flexible repayment terms, and the opportunity to access credit up to 100% of the customer’s income.

With schools resuming for a new term, the school fees loans will help to alleviate the financial burden parents and guardians may face in paying school fees. He further stated that the conditions for accessing the loan products are having a salary account with the bank; or having  investments with any of the Stanbic IBTC group subsidiaries.

Loan applicants can walk into any branch of the bank and apply for any of the education loans in a few easy steps. The application is then processed and the customer is contacted with feedback.

 

 

MTN Nigeria wants to borrow N400 billion

MTN Nigeria wants to borrow N400 billion

MTN Nigeria wants to borrow N400 billion
MTN Nigeria wants to borrow N400 billion

The MTN Group plans to borrow as much as N400 billion naira ($1.1 billion) in Nigeria this year as Africa’s largest wireless carrier by sales seeks to fund local investment and replace existing debt in Nigeria.

According to Bloomberg, MTN plans to sell bonds and take out long-term loans as Nigeria recovers from a 2016 economic contraction.

The carrier expects to list its Nigerian unit on the Nigerian Stock Exchange by the end of 2018.

Nigeria’s securities regulator is preparing for record bond issuance from companies seeking to benefit from lower interest rates and an economy on the mend, it said this week.

“We want to gear up our debt on an operational level away from the holding structure,” MTN’s Chief Financial Officer, Ralph Mupita, said in an interview.

“The debt must be where the Ebidta is and we want to raise as much as possible in local currency.”

MTN’s net debt rose to 57 billion rand ($4.5 billion) in 2017 from 52 billion rand the previous year.

The Johannesburg-based company plans to shift its focus from dollar-denominated debt to debt in local currencies where it operates, Mupita said.

MTN also recently raised money in local currency for its Ghanaian and Ivory Coast operations, according to Bloomberg data.

MTN shares declined 0.6 percent Wednesday, on a day that U.S. President Donald Trump reinstated economic sanctions on Iran, the company’s second-biggest market. The carrier is valued at 234 billion rand.

 

African agri-tech grows by 110%, gets more than $19m investment in 2 years

African agri-tech grows by 110%, gets more than $19m investment in 2 years

African agri-tech grows by 110%, gets more than $19m investment in 2 years
African agri-tech grows by 110%, gets more than $19m investment in 2 years


Investments in agriculture technology in Africa have seen $19-million invested in the past two years, with a new report showing agri-tech startups have grown 110% in the period.

There are 82 agri-tech startups operating across the continent at the start of this year, 52% of which started in the last 24 months, according to the Agrinnovating for Africa: Exploring the African Agri-Tech Startup Ecosystem Report 2018 report by Disrupt Africa.

Kenya and Nigeria both lead the agri-tech markets, followed by Ghana, and collectively account for over 60% active startups in the sector.

Although the report tracks annual startup activity in the agri-tech space since 2010, the authors say it began to boom in 2016, after which 43 new ventures were launched.

“The research shows that while Kenya was the early pioneer of the African agri-tech sector, accelerating interest in West Africa over the past two years means this region now dominates the market; and is home to two of the top three agri-tech ecosystems on the continent,” Disrupt Africa co-founder Tom Jackson said in a statement. ““Everyone knows how important the agricultural sector is across Africa, but until very recently it remained relatively untouched by tech innovators. That is suddenly changing as entrepreneurs and investors realize the scale of the challenges facing farmers, and spot opportunities to reach huge addressable markets.”


Fundraising grew 121% from 2016 to in 2017 alone.

“The scope for innovation in the agricultural sphere is vast – a refreshed take on the sector could unlock huge value for the whole of Africa,” says Gabriella Mulligan, co-founder of Nairobi-based Disrupt Africa. “Behind the scenes, there has been formidable acceleration in the agri-tech market recently, and it is one of the most interesting spaces to watch in Africa today.”.

Startups serving as eCommerce platforms to the industry have the largest share, accounting for 32.9% of total startups in the space. Other popular sub-sectors of the agri-tech space include information and knowledge sharing, and fintech solutions to farmers.