School Expenses Solution Emerges As HB SkoolBank Debuts

Posted by African Examiner Latest Headlines, News Monday, October 27th, 2014

The developing state of the country’s economy has created a serious setback with respect to affordability of many parents on their wards school expenses, a development, which requires urgent attention, practical and inclusive solutions.

This among other factors prompted the Heritage Bank’s new product, referred to as HB SkoolBank.

Its Executive Director, (Ivory Banking), Mrs Mary Akpobome in a press statement ahead of official launch of the product said, “With the rising economic challenges that continue to threaten infrastructure development in the education sector, thereby leading to increment in tuition at schools and universities, our goal is that this new education bundle will help to fill the financing gap many students and parents are faced with.

She added the Bank looked forward to offering the excellent opportunity with required efficiency and know-how to its numerous customers”. The product she indicated is a new value proposition targeted at education sector stakeholders, ranging from school owners, parents and students across different levels.

“The new proposition is developed to improve the education system, support and empower the entire school community through a bouquet of various exciting financial product offerings. This is in a bid to further strengthen the bank’s innovation-driven commitment to provision of value-enhancing banking services”, the statement affirmed.

Akpobome added “The task of creating the right attitude and the enablement that can engage our children on the importance of savings and financial empowerment is the core focus of SkoolBank”

Explaining further, she stressed “The HB SkoolBank is not a savings account. It is a proposition that warehouses or carries under its umbrellas different propositions such as deposits, loans, project financing, lease and more. This proposition caters for all the needs of anyone affiliated with a school at the primary, secondary and tertiary institutions”.

The Bank Group Head, (Cowry Banking), pointed out that the SkoolBank offering would cater for teachers’ education/training, loan and lease facilities for car and mortgage. It would also enable Students to access training curriculum, savings, insurance cover, financial literacy, discount cards, online learning among other value offers.

The product benefits to the Parents she mentioned included school fees loan, direct debit, car lease and children insurance while the school itself would be able to collect school fees with ease through improved performance applications, various facilities and partnership offerings.