PressPayNg, a Nigerian firm, is set to launch an app that will provide tertiary education students with access to tuition loans.
At a briefing in Abuja on Monday, Gamaliel Tanimomo, the company’s chief relationship officer, said the initiative became imperative due to the hike in tuition of tertiary education in the country.
According to him, the app offers tertiary education tuition savings, loans, insurance as well as student holiday jobs.
Tanimomo also said that the app will facilitate health maintenance for students in public and private universities, polytechnics, monotechnics, and colleges of education.
“With the average cost of public universities in Nigeria at $125- $500 per year, and the average cost of private institutions at $2,700 annually, affording and financing tertiary education has become a fundamental challenge for the Nigerian student,” he said.
“PressPayNg — an edtech product — was borne out of the passion to solve this social problem and nip the challenges of tertiary education financing in the bud.”
On his part, Abiola Metilelu, founder of PressPayNg, said the initiative would help address cases of students dropping out of tertiary institutions due to lack of funds.
“Currently, the tertiary education drop out rate in Nigeria is at about 18 percent annually or even more. That is quite alarming. So what we have done as a team is to sit down and be part of the solution providers,” he said.
“What we have done is to create a platform where students in tertiary institutions in Nigeria can creatively finance and mobilise resources for the prompt payment of their tuition.
“And so, PressPayNg as an education technology solution has several product offerings. If students can commence and complete tertiary institution, the results will be such that, in terms of human capital development, we’re going to be on the upward scale and that translates into national, economic, and social development.”
Metilelu said after applying via the platform, 50 percent of the student’s tuition fee will be paid directly to the school’s account after which the student will be able to pay back over a repayment period with moderate interest.
He also said that students will also be able to create a link which may be sent to sponsors to be used as a method of tuition payment.
“The goal for us, is to see how we can keep students in school,” he added.
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