Sterling Bank Plc has disbursed loans totaling over N15 billion to students and school owners across Nigeria.
This information was revealed by Obinna Ukachukwu, the divisional head responsible for the bank’s growth, during a press conference in Lagos.
Ukachukwu emphasised that these loans are a part of the bank’s commitment to producing competent graduates in the country.
He also highlighted that over the past 18 months, the bank has provided training to 600 software engineers.
According to Sterling Bank Plc, investing adequately in the education sector is essential for the growth and development of the country’s economy. Ukachukwu stressed the importance of investing in relevant educational programs capable of producing cost-effective and globally competitive professionals.
He explained that “underfunding the education sector, which is responsible for knowledge and skill acquisition, as well as economic productivity and development, can lead to problems that affect various sectors of the economy.”
Ukachukwu advocated for a focus on education programs and courses that are relevant and capable of solving societal problems, rather than solely prioritizing the acquisition of certificates, which is often the case in Nigeria.
He emphasised that “developed economies operate their tertiary institutions based on this principle, generating graduates who create value far surpassing the cost of their education.”
The bank’s approach is aligned with innovation, partnerships, and investments in projects that generate sustainable value for educated individuals, communities, and the nation, as per Ukachukwu.
Regarding the education loans offered by Sterling Bank, Ukachukwu mentioned that they attract low or zero-interest rates, depending on the category of students and schools.
The loan structure is designed to ensure borrowers can repay their loans comfortably.
Ukachukwu also noted that some working students are able to pay their tuition fees using allowances from their jobs. He encouraged students and school owners to approach any of the bank’s branches across the country to inquire about loans for educational purposes.
