As the economy gradually reopens amidst the impact of COVID-19 in the country, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged vital players in the education sector to create and explore possible collaboration opportunities.
Education has been one of the sectors severely affected by the coronavirus pandemic. Learning institutions have had to deliver lessons to students with varying levels of successes. However, some could not hold due to lack of infrastructure.
A few of the gaps in the education sector include requisite teachers’ training, lesson delivery, curriculum content and school infrastructure, and these provide an opportunity for collaboration in the education sector.
Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, however, urged parents/guardians to give their children the best education, which they deserve regardless of the current challenges. He noted that good education with no financial interruptions is a significant legacy for a child and parents must invest in their wards’ education while kick-starting their financial journey.
According to him: “The COVID-19 pandemic was unprecedented, but it has reinforced the need to plan for the future of our children. Early planning helps to take the financial pressure off parents in the years to come; and in times like these, parents must ready to welcome opportunities that will amplify the value of their children’s education.”
Although some institutions successfully employed technology to make delivery of content through TVs, radios and WhatsApp groups, infrastructure deficit, and lack of electricity in the country pose a considerable challenge to the efforts being made.
“As a foremost financial institution that understands the importance of protecting a child’s future by saving for their education, the Stanbic IBTC Children Education Savings Scheme – CHESS account enables parents /guardians to set up and manage their child’s account just the way they want,” Remy said.
He added that this scheme is available for children between ages 0 and 17 years with additional benefits for parents/guardians who already have a Stanbic IBTC bank account. He said: “Asides paying an interest rate of 1 per cent above the interest rate earned on a savings account, and the CHESS account can easily be opened with a minimum opening deposit of N2,000.”
Requirements needed to open the CHESS account include a duly filled opening form, parent’s Valid ID, child’s birth certificate or international passport as well as two passport photographs of both parent and child.