8B Education Investments has partnered with Nelnet Bank on the first loan program by a US bank to African students enrolled in US colleges. $30 million over three years is part of his $111.6 million commitment in the Clinton Global Initiative to Accelerate Access to Global Universities for African Students
African demographics
Dr. Lydia Boshir
NEW YORK, NY, Sept. 20, 2022 (GLOBE NEWSWIRE) — 8B Education Investments has partnered with Nelnet Bank on the first-ever loan program by a US bank to African students enrolled in US colleges. $30 million over three years is part of his $111.6 million commitment in the Clinton Global Initiative to Accelerate Access to Global Universities for African Students
8B Education Investments is proud to announce its partnership with Nelnet Bank as part of the Clinton Global Initiative (CGI) 2022 conference. With this partnership, Nelnet Bank agreed to initiate his $30 million loan over three years to support an 8B loan program that enables African students to study at universities in the United States (US) Did. During the CGI conference, 8B will announce a total of $111.6 million in funding commitments from a range of partners united in their commitment to enabling world-class education for the next generation of African innovators. .
The partnership is made possible by 8B’s use of innovative credit enhancements to cover losses incurred by Nelnet during the term of the loan program, and Nelnet Bank will provide major financial support to African students attending college in the United States. Becoming the first U.S. bank to support lending at scale.
8B Founder and CEO Lydiah Kemunto Bosire, Ph.D. “The world is underinvesting in African talent. As a result, every year hundreds of thousands of African students receive offers from world-class universities and are unable to enroll, largely due to lack of funding.” Nelnet “We are excited to partner with Bank to fund this underserved group of bright students and create an example of how to foster Africa’s access to the global innovation ecosystem.”
8B estimates that the 500,000 African students enrolled in global universities account for 30% of the students offered by such universities. As a result, Africans are underrepresented in the world’s universities and, in turn, underrepresented in the global innovation ecosystem.
Nelnet Bank CEO Andrea Moss said: “Together, we have one of the fastest growing student populations in the world and can provide opportunities for students who have been overlooked for too long. I am excited to work with my colleagues on this.”
As the first fintech solution focused on African students, 8B is committed to enabling African talent to impact the world. 8B provides tools to help African students identify the best global universities, level up their applications, access affordable funding, and connect with career support to find employment.
Debra Fine, Chairman of the founding committee of 8B Education Investments, said: Chairman of Fine Capital Partners. “I have spent 35 years evaluating business opportunities and this partnership is one of the most extraordinary I have seen. It creates value and extraordinary impact across the board.This partnership is a great example of how private capital can be leveraged to invest in the future of Africa.”
8B and Nelnet Bank announced their partnership as part of a CGI meeting. The CGI Meeting convenes global and emerging leaders to take action on the world’s most pressing challenges. Within the CGI community, 8B has brought together many partners to support Africa’s access to the global innovation ecosystem. Education and Testing Services (ETS) provides fee vouchers to African students who cannot pay for tests required by global universities. , the University of Health Sciences Antigua offers an African medical student a 50% tuition scholarship for her, and the World Resources Institute (Africa) offers paid internships to African graduate students in fields related to climate resilience to support President, politically. The Alliance on Higher Education and Immigration conducts research on diversity practices in U.S. colleges, focusing on policy-related barriers facing African students. Other partners include the Canadian African Chamber of Commerce, Miles College and the Cornell Institute for African Development.
8B’s CGI commitment includes students attending Historically Black Colleges and Universities (HBCUs), promoting Africa’s access to global innovation ecosystems, and promoting diversity and inclusion in global universities and workplaces. be promoted. It will also build a scalable market-based model for funding world-class human capital development in low-income countries.
The total partnership value is $111.6 million and will roll out over the next three years. These partnerships will transform the lives of more than 1,400 of his future innovators on the African continent through affordable student loans and reach over 2 million African higher education students.
nelnet bank
FDIC member Nelnet Bank is an online bank that offers education loan products for students and families. Nelnet Bank leverages over 40 years of student lending and services expertise to serve a diverse market of students, young professionals and higher education institutions. The bank promotes Nelnet’s commitment to the community by creating scholarships for low-income students, providing local non-profit leadership and other direct community development investments . Nelnet Bank has been licensed as an Industrial Loan Company (ILC) in 2020. Nelnet Bank is a subsidiary of Nelnet, Inc. For more information, please visit NelnetBank.com.
About 8B education investment
8B Education Investments is on a mission to empower African talent to make a global impact. To that end, 8B will build the first platform to connect high-potential African students with world-class colleges and universities, providing the tools they need to level up their applications, the funding options they need for admission, and the realization provided the career support they needed. their best potential.
The impact of 8B’s work is to provide global universities and employers with a gateway to the world’s youngest, fastest-growing and diverse pool of talent, while at the same time empowering them to participate, compete and compete in the 21st century knowledge economy. To create a critical mass of African innovators with the ability to succeed.
About the Clinton Global Initiative
The Clinton Global Initiative (CGI) convenes global and emerging leaders to create and implement solutions to the world’s most pressing challenges. CGI works with partners to drive action through its unique model. By helping members connect, collaborate, and make commitments to action—new, concrete, and measurable plans to address global challenges—rather than directly implementing projects, CGI , promotes action. Through CGI, the community has made a commitment to her over 3,700 actions and in over 180 countries he has made a difference in the lives of over 435 million people.
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CONTACT: 8B Education Investments 8B Education Investments kwasi@8b.Africa
