Nigeria: Bank PHB UK Educational Loan Takes Off
June 11, 2008 by Bunmi Awolusi
Bank PHB on Tuesday announced the formal take off of its UK educational loan for Nigerian students. In a well attended event in Lagos, the bank unveiled the product which gives Nigerian students seeking to pursue higher education in the United Kingdom but limited by funds a lifeline by Bank PHB.
The bank, in partnership with the British Council is floating the education finance facility that students seeking to continue their higher education pursuits in UK can tap into.
The Bank PHB Education Loan is aimed at encouraging eligible Nigerians to study in the UK universities through a finance facility provided by the bank. Qualified students will be required to open an Education Account with Bank PHB and build it up to 10 percent of the School fees as advised by the school in question. The built up amount will attract interest and shall be domiciled in a non withdrawal UK Education Account, held in Bank PHB till the completion of academic programme.
Once this is done, the student or guarantor can then apply for a UK Education Loan that will cover the school fees, accommodation and maintenance for the period of education. The UK Education Loan that will cover 80% of the School fees, accommodation for period of stay, flight tickets and maintenance for the period of education. The Student or guarantor or parent can apply for the UK Education Loan as well as service the debt over the tenor of the facility
Those needing immediate loans to finance the education of students already studying in the UK can also apply for the Bank PHB Education loan which is the first of its kind in the country.
Listing the benefits of the educational loan, Francis Atuche, Managing Director of Bank PHB noted that besides the credit facilities to finance study in the UK universities, benefiting students can also access information on the UK universities through the British Council.
According to Mrs Winnie Eley, Deputy Country Director of the British Council in Nigeria, “our purpose is to build mutually beneficial relationships between people in the UK and Nigeria and to increase appreciation of UK’s creative ideas and achievements. We put great care in identifying partners to work together for the benefits of the people in both countries. We are pleased with the progress of collaboration with Bank PHB so far and look forward to the launch of the education loan which aims to provide the opportunity that many Nigerians would value in life.”
Giving further insight into the facility, Olu Akanmu, Divisional Director Retail Banking disclosed that persons applying for the loan could be parents or guardians, who wish to give their children or wards quality education in UK higher institutions or students who wish to pursue higher education in the UK. “Such student will be required to have a sponsor. The sponsor shall assume the responsibilities of the borrower.” “The Education loan is also for individuals who wish to pursue any undergraduate or postgraduate course in any bona fide UK universities. The British Council is the principal source of UK education information for Nigerians.” Olu Akanmu disclosed.
Olu Akanmu revealed that Bank PHB is introducing the educational loan because of the noticeable gap in the market as currently no bank provides education loans, a facility that is easily obtained and available in developed countries. The absence of credit facility is a major barrier to thousands of aspiring and suitably qualified Nigerians.
In accepting to partner with Bank PHB, Mr. Chikodi Onyemerela, New Business Development Manager, the British Council in Nigeria, expressed the Council’s commitment to supporting the many talented Nigerians who could gain serious benefit from a credible credit facility in Nigeria. Mr. Onyemerela commended Bank PHB’s vision to build capacity for Nigeria and the first bank to respond to the credit facility which would no doubt benefit thousands of Nigerians.
According to the figures provided by the British Council, there were 11,500 Nigerians who pursued full-time undergraduate and postgraduate programmes in the UK in the academic year 2006-2007.
Mr. Olu Akanmu noted that “the quest for quality education in the UK will continue and the number of students seeking UK education will grow rapidly if a number of such students can pay their way through these UK schools. It is in response to this that Bank PHB will be partnering with the British Council to provide Education Loan to eligible Nigerians to access tertiary education in the UK.”
The Bank PHB Education Loan ties in with the bank’s focus on developing and inspiring Nigerian youths and contributing to the development of quality human capital in Nigeria. Bank PHB which is the sponsor of the entrepreneur inspiring Apprentice Africa currently showing in five different countries in Africa including Nigeria, also implements the highly valued Bank PHB national scholars scheme which has completed 13 libraries in 13 different public secondary schools in nine states of the country as well as provided scholarships for more about 400 indigent students in these secondary schools.
Last year, Bank PHB became a partner to the British Council’s International Young Creative Entrepreneurs (IYCE) initiative, which identifies and rewards talented young and creative entrepreneurs working across the vast spectrum of the creative world. The Bank also scored another first in 2007 when it became the First Nigerian Company to be invited by the US Embassy to sponsor the highly prestigious Fulbright Scholarship of the US government.
