An Australian education and creative technology hub, Ehizua Hub, has sealed a deal with Sterling Bank Plc to bridge the financial gap in accessing online and on-campus quality Australian education.
The parties who disclosed this in a statement over the weekend noted that, “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 their tuition.
“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.
The founding chief executive officer of Ehizua Hub, Matthias Ehizua, 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.”
Commenting, Sterling Bank’s Divisional Head, Health and Education, Obinna Ukachukwu, said, “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.