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Education Platform MPOWER Financing Raises $100 Million in Equity to Support Studying Abroad

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Study Abroad - Investors King

MPOWER Financing the leading provider of education loans to high-promise students around the world, today announced that it has raised an equity investment of US$100 million. The funding underscores investors’ confidence in MPOWER’s position as the leading lender for students aspiring to study abroad.

Founded in 2014 by Emmanuel (Manu) Smadja, MPOWER Financing aims to democratize education by reducing financial barriers for high-promise students from around the world. MPOWER’s loans are approved instantly and are granted at competitive interest rates without requiring a cosigner or collateral. MPOWER additionally provides students with academic, financial and career guidance to position them for success both in school and after graduation.

“We’re delighted to be working with experienced investors who share our vision of empowering the brightest students from around the world,” said Smadja, Chief Executive Officer of MPOWER Financing. “The new funds will be used to directly support students, automate and scale our operations, and to grow our team. We look forward to supporting an even greater number of qualified students around the globe as they study in the U.S. and Canada.”

“When I did my M.B.A in the U.S., financing options like MPOWER, which don’t require collateral or a cosigner, didn’t exist,” said Ashwini Kumar, General Manager of MPOWER’s India Office. “So, the financial burden fell on not just me, but by my parents as well. MPOWER makes it possible for future generations of students to access the world’s top universities without this financial pressure, allowing them focus on their academics and career.”

The new funding is in addition to the US$30 million MPOWER raised earlier this year from Tilden Park Capital Management, which also participated in the current round, and ETS Strategic Capital on behalf of ETS, the world’s largest non-profit educational assessment, research and measurement organization. Other investors in the current round include King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management.

“We are excited to partner with MPOWER Financing as it operates a truly differentiated business model where it not only lends to students, but also offers career guidance and supports students throughout their journey,” said Chris Gamaitoni, Managing Director of Tilden Park Capital Management. “The team’s mission and commitment to their students are inspiring. We are thrilled to support MPOWER Financing as it continues to expand its global reach and support even more students. We look forward to building on the company’s successes together.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Education

iReader Joins Publiseer’s Expansive List of Store Partners

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Publiseer, Africa’s leading digital content distributing platform, on Monday announced that iReader, China’s leading mobile reading platform with over half a billion users, has joined its expansive list of online retail store partners.

iReader has a global reach, as it distributes over 600,000 book titles to 70 million active book readers in over 150 countries. This addition is to help Publiseer authors reach iReader’s global audience.

“Authors already distributing their books through Publiseer have to do nothing to get their titles on iReader. All they have to do is sit back and relax, and Publiseer will automatically send their titles to iReader,” says Chidi Nwaogu, CEO at Publiseer. “For those who want to opt-out from iReader, all they have to do is to shoot us an email, letting us know that they don’t want their titles distributed to iReader. Our partnership with iReader offers our authors exclusive featuring and merchandising opportunities, such as in-app marketing and promotions.”

Publiseer is a digital platform that helps independent and underserved African writers, musicians, filmmakers, and video game developers, typically those from low-income and disadvantaged communities, to earn above the minimum wage and live above the poverty line from the sales of their creative works. Every day, Publiseer discovers extraordinary local African creatives and gives them the platform to focus on doing what they love doing the most, which is to create, while Publiseer handles the tedious but important business of transforming their creativity into wealth for them.

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Education

Buhari to N150,000 Bursary for University Students; N100,000 for NCE

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President Buhari - Investors King

The Federal Government has announced the reintroduction of bursary in universities and colleges of education across the country, with N150,000 and N100,000 earmarked for each undergraduate and NCE student, respectively, per session.

The Minister of Education, Malam Adamu Adamu, said this in his keynote address delivered at the 2021 World Teachers Day celebration in Abuja, Tuesday.

Adamu said the reintroduction of the bursary was part of the resolutions of the National Implementation Committee constituted by the government following President Muhammdu Buhari’s pronouncement in repositioning the nation’s education sector and the teaching profession in particular, during 2020 World Teachers Day celebration.

He added that the ministry would liaise with the 36 states’ education ministries, including the FCT Education Board, with a view to effecting the new scheme.

They would identify the respective courses of study required by each state, while “beneficiaries must attend public institutions only and sign a bond to serve their state for five years on graduation.”

“The fund would be sourced from UBEC, TETFund and managed by the Federal Scholarship Board.”

Adamu said his ministry “shall collaborate with agencies like NTI, TRCN, CPN, NUC, NCCE, UBEC, PTDF, TETFund, and non-governmental organisations to organise trainings in pedagogy and information and communication technology for academic and non-academic staff.”

He disclosed that “UBEC, TETFund and PTDF would assist in funding the annual training.”

“Government would partner with developers/recognised institutions like Federal Mortgage Bank of Nigeria, Federal Government Staff Housing Loans Board, FGSLB, FME Staff Welfare, and NUT to finance affordable homes for teachers on build-operate-and-transfer basis.”

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Senate Passes Bills To Establish Two Federal Universities in Ekiti, Nasarawa states

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University - Investors King

The Senate on Tuesday passed two bills seeking to establish two federal universities in Ekiti and Nasarawa States.

The bills are the Federal University of Health and Medical Sciences Iyin, Ekiti State (Establishment) Bill, 2021, and Federal University Lafia Teaching Hospital (Establishment) Bill, 2021.

Both bills are sponsored by Senators Opeyemi Bamidele (APC, Ekiti Central), and Tanko Al-Makura (APC, Nasarawa South).

The passage of both bills followed the presentation and consideration of two separate reports by the Committee on Health (Secondary and Tertiary).

Chairman of the Committee, Senator Yahaya Oloriegbe (APC, Kwara Central), in his presentation, said the bill to establish the Federal University of Lafia Teaching Hospital was “necessitated as a result of the precarious health conditions faced by the resident.”

According to him, the bill to establish the Federal University of Health and Medical Sciences Iyin, Ekiti State, seeks to promote and emphasize teaching, research and extension of knowledge in the field of medicine and environmental sciences.

In a related development, the Senate on Wednesday passed a third bill to amend the University Teaching Hospitals (Reconstitution of Boards) Act.

The bill’s passage by the upper chamber followed consideration of a report by the Committee on Health (Secondary and Tertiary).

Senator Oloriegbe in his presentation explained that the amendment bill seeks to amend the First Schedule to the Principal Act to include the University Teaching Hospital, Lafia and Modibbo Adama University Teaching Hospital.

In a related development, a bill seeking to establish the Federal College of Education, Kaiama, Kwara State, scaled second reading during plenary.

The bill was sponsored by Senator Sadiq Suleiman Umar (APC, Kwara North).

The Senate President, Ahmad Lawan, after the bill was considered, referred it to the Committee on Tertiary Institutions and TETFUND.

The Committee which is chaired by Senator Ahmad Baba Kaita was given four weeks to report back to the upper chamber.

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