NAIROBI, 8th FeBRUARY 2012. First Community Bank (FCB) has today signed a Service Provision contract (SPC) with Vision Institute of Professionals (VIP) to roll out FCB Students Financing Product. The SPC effectively sets ground for all new , ongoing and prospective students at VIP to apply for an education financing scheme from FCB that allow them to pay for their fees and complete their courses within the stipulated time without any interruption due to lack of fees. The Head of Business of FCB Mr. Rizwan Dada and the CEO of VIP Mr. Anson Muya signed the MOU at a ceremony held at the FCB Head Office in Nairobi.
“The product is engineered to provide affordable and convenient financing to all students at VIP. The application process is simple, quick and ensures FCB will not only pay for their chosen course but also monitor their progress at VIP. The facility is repaid monthly in mutually agreed installments as students enjoy un-interrupted learning session”, said Mr Dada.
“The MOU marks an important step for us. We can now focus on our core business that is the provision of quality education. Indeed this is a great and timely opportunity for our pioneer students who are commencing Bachelor of Commerce (B.com) Degree beginning this year through a special relationship between VIP and Masinde Muliro University of Science and technology (MMUST).We are confident that this will lead to growth of student numbers and is a win-win situation for all the parties involved - the student, First Community Bank and VIP”. Said Mr Muya.
“This is a good opportunity for FCB to support the education sector, by providing a Shariah compliant product that reduces risk to the service provider, offers quick and efficient processing of fees payment as well as ensuring uninterrupted learning for the students. We are also currently in talks with other leading educational institutions in the country to ensure more student benefit from this product. The student financing product is available to students from all religious backgrounds just like our other products and services in the bank. This is a key product in our stable of products as it allows us to participate in realizing the social pillar of vision 2030”added Mr. Dada.