Leading innovative financial institution, Wema Bank has launched an advisory and loan scheme, the Education Advisory Service, in partnership with MOD Education for young Nigerians wishing to study abroad.
Following foreign exchange control measures introduced by the government, parents and guardians have experienced difficulties paying tuition fees for their children and wards studying abroad. Some who have the money don’t know the requirements for foreign admission and waste lots of time and resources in fruitless searches.
But to help them surmount these challenges, Wema Bank has partnered with MOD Education, a professional student advisory, marketing, recruitment, and placement company for the advisory services and school fees advance facility.
The partnership, which was launched on Friday, April 9 at Eko Hotels, Victoria Island, will see both organizations providing innovative education advisory services and funds for international students.
Speaking about the partnership, Divisional Head, Retail Business, Wema Bank, Dotun Ifebogun explained that the initiative would aid hundreds of thousands of Nigerians requiring advisory and financial support to pay for their wards in foreign schools.
He explained that as a caring and innovative bank, Wema Bank does not want the aspirations of Nigerians desirous of foreign education truncated, hence the support.
“We are interested in everything that concerns our customers, and education is one of them. Some parents and guardians desire a certain quality of education for their wards outside the shores of Nigeria, and we would be able to assist them with this product. Our school fees advance loan results from the requests of parents and guardians who need to get short-term financial support to meet the tuition obligation of their wards irrespective of the constant increase in fees,” Ifebogun said.
He added that with the school fees advance loan in partnership with MOD, parents, and guardians don’t have to withdraw their wards already in foreign universities because of the forex crunch while they would also get necessary counseling regularly.
“There’s nothing as heartbreaking as withdrawing a child already in a foreign university or being unable to raise the requisite forex for a child offered admission in a top-rated foreign institution of higher learning. But our school fees advance loan will take care of this problem and help secure the futures of such students – both undergraduates and postgraduates. The fact that you get counsel from the right sources at any particular time is another benefit of this product,” Ifebogun said.
He added that Wema Bank found a worthy partner in MOD Education, with a 15-year track record of helping Nigerians secure admission in reputable partner universities to earn undergraduate and postgraduate degrees.
Also speaking, the Managing Director, MOD Education, Michael Dosunmu, said that the partnership would open up frontiers of international education to Nigerians whose parents might be able to afford to send them abroad but not stumping up the money once.
He also expressed gratitude to Wema Bank for the partnership, disclosing that “Wema Bank has been supportive to us as a business and it was just a natural marriage. We trust the bank enough to bank with them, and our trust is enough to recommend it to others.”
Wema Bank, the creators of Nigeria’s best digital bank, ALAT, has a positive track record of educational interventions in Nigerians’ aid. It partners the Lagos State Universal Basic Education Board for the Project Zero Initiative encouraging out-of-school children to return to schools.