US Varsity, Nexford partners Nigerian bank in scholarship scheme
Nexford University, a Washington D.C. based, tech-enabled online university – is launching a major initiative in Nigeria with Sterling Bank – one of Nigeria’s largest banks and listed on the Nigerian Stock Exchange – which will then be rolled out more widely.
Nexford – which is already partnered with Microsoft, IBM and LinkedIn – recently closed a $10.8 million Series A fund raise, led by Global Ventures, the UAE-based, international VC firm.
Sterling Bank underwrites loans to fund their tuition fees:
A fairer alternative to ‘income share’ agreements popular in the US and UK;
Protects students against Naira FX fluctuations; and
Gives students access to US$ currency – as Nigerian regulations limit it to $200 per month
A 10% scholarship is provided;
They can intern with Sterling Bank during their studies; and
Are offered post-graduation job opportunities
For Sterling Bank (and other corporates)
Nexford provides education tailored to corporate needs (i.e., specific skills);
Existing staff are upskilled; and A pipeline of new talent, with specific skills, is provided