STANBIC BANK LAUNCHES EDUFINANCE SOLUTION

Doereen Dominic, Head of Public Sector at Stanbic Bank Tanzania, warmly welcoming the guests at the Launch of EduFinance and taking them through the new solution by Stanbic Bank Tanzania to empower education through edutech and innovation.

Collaboration, research and PPPs were a clarion call made during the first panel discussion on innovation and technology in education at the launch of EduFinance by Stanbic Bank Tanzania. From left to right is Prudence Glorious, session moderator & CEO, PZG PR, Dr. Prosper Massawe, Principal Research Coordinator Officer at COSTECH, Dr Edward Lwidiko, Founder of Projekt Inspire, Eng. Henry Kulaya, Senior Education Consultant and Shaista Juma, Executive Director, Dar es Salaam International Academy.

Letting learners lead the way and coming up with solutions to enable seamless running of knowledge institutions so as to catalyse better learning outcomes came to the fore during the second panel discussion on fostering a positive school environment for promoting learning and growth. Seated from left to right is Prudence Glorious, moderator, Farha Mohamed, Head, Digital, Business & Commercial Banking, Jessica Ongala, Founder, Montessori Learners and Ephraim Swila, Managing Director of Shule Soft. Joining virtually is Shep Aisam, Group Head of Public Sector at the Standard Bank, South Africa.

Education stakeholders listen keenly to the proceedings at the launch of EduFinance by Stanbic Bank Tanzania.

Jasmitha Makan-Naidoo, Senior Manager, Public Sector (AR), at Standard Bank Group SA, sharing her insights as she closes the EduFinance launch event by Stanbic Bank Tanzania.

• Driving Innovation for Enhanced Learning Outcomes 

DAR ES SALAAM, 30.11.2023 – After listening to the education sector express the need for additional support in improving students’ learning outcomes, Stanbic Bank Tanzania launches the EduFinance solutions that aim to grow the education sector by seamlessly integrating technology and financial services. 

The launch event, which marks a significant milestone for Stanbic Bank Tanzania, brings together key stakeholders from the education sector. The discussions during the launch center on the seamless integration of technology and financial services, with a focus on digitizing processes, optimizing financial transactions, and creating an ecosystem that empowers educational institutions. 

Recognizing the critical importance of access to education, Stanbic Bank's EduFinance solution takes a holistic approach. The bank collaborates closely with clients in the education sector to understand their unique needs, offering customized financial solutions. This includes credit facilities for schools to develop essential infrastructure, such as buildings and laboratory facilities, and financing options specifically for the development of school infrastructures. 

Stanbic Bank's EduFinance solution boasts a range of features, including a large balance sheet, experience with handling multinationals, strong systems with customer-specific solutions, and a vast network in Africa with relationships with international banks for same-day payment clearing. 

Furthermore, the EduFinance solution encompasses AdaPay, a digital platform that enables schools to securely collect payments, manage student records, and communicate with parents. The platform supports fee payments in different currencies at zero charge, ensuring convenience and flexibility. The Edufinance solutions also include the integration of point of sale devices that operate as collection hubs ensuring accessibility and ease for both schools and payers. 

Doreen Dominic, Head of Public Sector at Stanbic Bank Tanzania, emphasized the bank's dedication to improving learning outcomes. She stated, "With a commitment to addressing the multifaceted needs of educational institutions, Stanbic Bank Tanzania's EduFinance solutions go beyond traditional financial support. The integration of technology into financial services is designed to streamline processes, enhance efficiency, and foster an environment that promotes learning and growth”. 

The EduFinance solution extends beyond financial support, incorporating a relationship banking model for commercial and enterprise schools. Stanbic Bank's knowledgeable relationship team evaluates schools, providing optimal financial solutions based on the institution's financial needs and the bank's capabilities. Moreover, the bank actively engages in financial literacy initiatives through collaborating on town halls, school visits, sponsoring meetings, and supporting education initiatives and Corporate Social Investment (CSI) activities. 

“Through this platform, one can access up to 10bn/= in loans for expansion of schools while parents can access a minimum loan of 500,000/= to pay tuition fees through mobile phones,” she added. 

Speaking during a panel session Ephraim Swila of Shule Soft mentioned that “ It is important for schools to integrate collaborative online learning systems into their curriculum as this learning style ensures students remain engaged with content while expanding their critical thinking skill as they share ideas with their peers.” 

The EduFinance solution is strategically designed to not only provide financial support but to elevate the overall education experience. “The main purpose of educators is to impart knowledge and not get bogged down with everyday administrations. We are dedicated to providing solutions that catalyze institutional processes so as to foster education and innovation for sustainable growth and, most importantly, to improve learning outcomes for students," said Farha Mohammed, Head of Digital & Eccomerce at the bank. 

For Media Inquiries: 

Neemarose Singo

Head Brand & Marketing

Stanbic Bank Tanzania 

Neemarose.singo@stanbic.co.tz