Ecobank partners with MPOWER Financing to offer African students education loans for study in the U.S. and Canada
Lomé, Togo, May 8, 2024 – Ecobank, the leading independent pan-African banking group with a presence in 35 African countries has partnered with MPOWER Financing, a mission-driven fintech firm and the leading provider of no-cosigner education loans, to offer a convenient process for students to apply for funding.
Ecobank customers across Africa will now be able to seamlessly start their MPOWER Financing student loan applications for studies in the U.S. and Canada through Ecobank’s digital banking platforms.
MPOWER’s loans are collateral-free and cosigner-free, and students benefit from visa preparation training, financial services and job search assistance through MPOWER’s Path2Success program. As a mission-driven organization, MPOWER Financing is committed to making loans that are financially sustainable for students and recommends that the total amount borrowed for studies be less than the salary one can reasonably expect to earn following the first year after graduation.
“Our collaboration with MPOWER Financing represents Ecobank’s unwavering commitment to achieving our ‘Better Way, Better Africa’ goal,” said Adeola Ogunyemi, head of Consumer Banking, Ecobank Nigeria. “We are committed to supporting our customers to achieve their dreams, and making an MPOWER educational loan available to our customers will make quality education accessible to them. As scholars and professionals in their respective fields, they’ll contribute to the development of the continent.”
“We’re thrilled to be partnering with Ecobank to help a greater number of students across Africa gain access to a top graduate education in the U.S. or Canada”, said MPOWER Financing CEO Manu Smadja. “Since our inception, 10 years ago, MPOWER has financed thousands of students from Nigeria, Ghana, Kenya, Ethiopia and Zimbabwe, to name just a few countries, and we’re excited to ‘eMPOWER’ tens of thousands more through this partnership.”
MPOWER Financing was founded by international students to open opportunities to students around the world. “As a Pan-African banking leader, we recognize the importance of quality education in shaping our continent’s productivity and future leaders, and our partnership with MPOWER Financing to facilitate access to education loans is an avenue to invest in the growth and a brighter future for the African youth population,” Ogunyemi says.
“We believe the partnership between MPOWER Financing and EcoBank is significant,” said Munya Chiura, head of Africa Business Development at MPOWER Financing.“ According to the recent MPOWER Financing Social Impact Report, 88% of our students pursue advanced degrees in cutting edge technology and finance fields that will power the economy of tomorrow.”
About MPOWER Financing
Headquartered in Washington, D.C., and with employees worldwide, MPOWER Financing is a mission-driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as future earning potential to serve promising international students. MPOWER works with over 400 top universities across the U.S. and Canada to provide financing to students from over 200 countries. The MPOWER team primarily consists of former international students and provides students with visa preparation training, personal financial education and career support to prepare them for their professional careers after graduation.
MPOWER is a Certified B-Corp and has been named a Great Place To Work, one of the best fintechs to work for and the best tech workplace for diversity. The company is hiring for Sales, Marketing and Operational positions worldwide.
About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’)
Ecobank Group is the leading private pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, the U.K., the UAE and China, its pan-African platform provides a single gateway for payments, cash management, trade and investments. The Group employs over 15,000 people and offers consumer, commercial, corporate and investment banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For further information, please visit www.ecobank.com.
