Student cover loan scam expos

The mouthwatering rates provided by Student Cover for over 100,000 students led to multitudes scrambling for their services. It has since turned out that Student Cover is an illegal operation, which is not recognised by Non-Bank Financial Institutions Regulatory Authority (NBFIRA). The company gives students loans of up to P1,000 at 15% interest. For the funeral cover, one could either pay P20 or P50 for P2,000 and P5,000 covers respectively.

Student Cover prides itself as leading providers of Life Cover Loans and Smart Device Purchase plan to students. This means that they should be registered with NBFIRA. “They are not registered with us. We have had an enquiry just recently from someone who was interested in signing with them. We have since instituted an investigation to establish who they are and what they do,” NBFIRA communications manager, Tapologo Kwapa said.