Stanbic IBTC provides electronic solutions for learning institutions

Stanbic IBTC Bank, a member of the Standard Bank Group has provided a cutting-edge Education Customer Value Proposition to aid efficient transaction processing and monitoring across schools nationwide.

The multi-platform and multi-bank electronic solution would enable educational institutions provide automated and seamless payment channels/platforms for students, parents or guardians.

Speaking at the unveiling of the solution, the Chief Executive Officer, Stanbic IBTC Bank, Demola Sogunle, said the education sector, particularly institutions of learning in Nigeria are constantly faced with diverse challenges with huge gaps which must be filled.

He said the development of the sector lies with the government and the private sector, adding that, having interacted with key players in the sector, the Bank have identified the major challenges. These range from financing, fees collections and reporting, funding for expansion, registration and record keeping to general administration, banking of staff, salary advance for staff members, to lending, pension, asset management, investment option, and other capital projects.

He added that, as an organisation with its corporate social responsibility geared towards the education sector, they have put together a value proposition that can move the gap through its suite of innovative electronic solutions for schools.

Also speaking, the Head, Public Sector, Stanbic IBTC Bank, Idu Okwuosa, said having identified the gaps, the electronic solution, when embraced fully, would go a long way to make doing business in the education sector much easier for all the players.

He noted that it would provide “Flexibility of payment time, multiple payment channels (i.e. bank branch, Web, ATM), ability to settle multiple parties directly from the solution, ability to settle multiple account, multiple banks for various payment items. Also, elimination of funds suppression, diversion or conversion of school funds, increased revenue collection options for the school (bank branch, Web, ATM), convenience to students, parents and guardians through availability of multiple payment options. Others are online real-time collection/payments and real-time issuance of electronic receipt on payment collections, multiple payment options (card, cash, transfers, cheques and bank draft), audit trail of payments activities.”

Recall that the Central Bank of Nigeria (CBN), and the Nigerian Education Research and development Council (NERDC), had this year, introduced financial curriculum in schools to educate students on the use of financial services.