LAGOS NIGERIA, June 3, 2024 – Vesti, a leading legal and financial services provider for immigrants with a focus on student migration, is teaming up with Prodigy Finance, a global leader in student loans for international students. This strategic collaboration aims to tackle the significant funding gap faced by African students seeking higher education at top universities abroad. This challenge is vast. Each year, countless Nigerian students receive admission offers from prestigious universities, only to be met with a harsh reality – the high cost of tuition creates a potential funding gap in the billions of dollars. Even more concerning is the number of talented students who, despite acceptance, can’t secure funding, widening the gap between those admitted and those who can enroll.
The demand for international education is exploding. In the US alone, student numbers skyrocketed from 144,708 in 1970/71 to 1,057,188 in 2022/23 (Open Doors® Report). This trend is strongest in developing regions like Africa, where a growing young population outpaces university expansion. Places like Nigeria see a surge – a 22.2% increase in US-bound students (IIE) for the 2022/23 year, reaching 17,640. This mirrors a global phenomenon, with the UK seeing a similar influx of international students. Our research indicates a staggering funding market opportunity of $600 million for student loans catering to Nigerian students pursuing higher education abroad. Vesti and Prodigy Finance, a UK lender authorized and regulated by the UK Financial Conduct Authority, are committed to bridging this gap by offering accessible and transparent financing solutions.
We’re excited to share that Vesti has seen a surge in demand for our lending products, with loan requests reaching a total of $65 million as at May 2024! By providing students with a wider range of financing options and expert guidance on migration processes, Vesti has empowered numerous students to achieve their academic goals.
“We are thrilled to partner with Prodigy Finance, a globally recognized leader in student loans,” says Olusola Amusan, Co-founder and CEO of Vesti. “This partnership strengthens our commitment to democratizing access to quality education for African students. By combining Vesti’s migration expertise with Prodigy Finance’s innovative financing solutions, we can unlock the potential of countless talented individuals.”
“At Prodigy Finance, we believe that every student deserves a quality education because they are the future, and finance shouldn’t be a barrier for quality education. Our partnership with Vesti allows us to reach students in Africa who seek quality education. This partnership will help many students achieve their academic goals and shape their future” says Sonal Kapoor, Global Chief Commercial Officer at Prodigy Finance.
Through this strategic partnership, Vesti and Prodigy Finance will offer a one-stop shop for African students seeking to study abroad. By providing a wider range of education loans, streamlining the application process, and offering expert guidance on immigration and academic pathways, they aim to empower students to overcome financial hurdles and turn their educational dreams into reality. This will not only benefit individual students but also contribute to a brighter future for Africa as a whole.
ABOUT VESTI
Founded by two brothers who immigrated to the United States, the company is backed by both Africa and US-based investors and boasts of a thriving community of dreamers who represent the next generation of builders. Vesti’s AI-powered copilot, Miai, is a key component of its comprehensive offering, providing personalized support and guidance to immigrants throughout their migration journey. Through a set of tailored payment products, Vesti delivers hassle-free migration pathways and financial services to immigrants moving to the United States and other top destinations in North America and Europe. Vesti’s vision is to be the go-to legal and financial services platform for the next 1 billion immigrants. The company is on a mission to be the preferred platform for immigrants before they emigrate, providing information, community and ultimately a smooth transition to immigrants.
For more information, visit www.wevesti.com
ABOUT PRODIGY FINANCE
Founded in 2007, Prodigy Finance is an international student lender that has helped over 40,613 international masters students attend the world’s top universities. To date, Prodigy has disbursed over $2.09b in funding to students from more than 150 countries. Prodigy Finance is fueled by impact investors and other private qualified entities who invest in tomorrow’s leaders while earning a financial and social return. Prodigy’s borderless lending model enables students to apply for a loan based on their future earning potential and not just their current circumstances and credit history.
*Prodigy Finance Ltd is authorized and regulated by the Financial Conduct Authority in the United Kingdom.
For more information, visit https://prodigyfinance.com/
