Stanbic launches system for easy payment of school fees

Stanbic Bank Tanzania has launched the Edu Finance system as an initiative to enable parents to make easy payments of school fees using online systems.

Stanbic Bank Head of Public Sector, Doreen Dominic when launching the system in Dar es Salaam yesterday said the Edu Finance system is a transformative innovation designed to empower parents by offering them the convenience of online payment systems for school fees.

“It extends further, allowing schools to access loans that support the enhancement of educational services through our structured financial mechanisms.

The core objective is to alleviate the financial strains that hinder a child’s access to education, thereby fostering holistic growth for both the child and their family,” she said.

However, the financial constraints faced by many families have often posed significant challenges in accessing quality education.

“We recognised this gap and embarked on a journey to create a solution that not only eases the burden on parents but also empowers educational institutions to thrive,” she said.

She also urged that, “Our vision doesn’t stop there. We foresee this system creating a ripple effect, reaching beyond the immediate scope of education. By facilitating seamless transactions for schools, it contributes to the overall enhancement of educational standards,”

Moreover, it aids graduates in securing employment opportunities by equipping them with the necessary skills and knowledge to navigate the job market successfully.

For his part Principal Research Coordinator Officer (PRCO)-Costech Dr Prosper Massawe explained that the mission revolves around coordinating, promoting and facilitating science, technology and innovation.

“We firmly believe that the Edu Finance system aligns perfectly with these ideals. By enabling easier access to quality education through innovative financial mechanisms, we are fostering an environment where education becomes a fundamental right accessible to all, in line with our vision for a nation driven by science, technology, and innovation,” he said

Furthermore, this initiative goes beyond immediate financial aid. It empowers parents and educational institutions, laying the groundwork for holistic growth and contributing to enhancing educational standards.

“It is indeed heartening to see such collaborative efforts that not only aim for financial assistance but also envision a future where graduates are equipped with the necessary skills to excel in the workforce,” Massawe narrated.

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