Nigeria’s first education microfinance bank partners Lagos State to provide low cost funds
EdFin Microfinance Bank, Nigeria’s first financial institution dedicated to funding education has partnered with the Lagos State Employment Trust Fund (LSETF) to provide single-digit interest rate loans to over 2,000 private schools and Individuals looking to fund their education in Lagos State.
This N5 billion intervention fund is part of the Lagos State government’s initiative to help schools recover from the shocks and losses because of COVID-19.
Depending on capacity, each school will have the opportunity to access up to N5m payable over 30 months at 9 person per annum.
Speaking at the just concluded webinar on September 30,2020, the Teju Abisoye, executive secretary of the Lagos State Employment Trust Fund (LSETF), announced the partnership with EdFin Microfinance Bank. It is a matching fund loan programme to support the education sector in Lagos State.
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The loans are targeted at schools and relevant educational institutions such as vocational training centres that have been in operation for over one year. The loan will also support young people looking for financing to fund their education.
LSETF recognises that the education sector creates jobs, and from the previous programmes done by LSETF, the education sector is a promising sector that will create the kind of numbers and jobs we need in Lagos state.
Quality education is an important part of human welfare and existence and LSETF is happy to be affiliated with EdFin Microfinance Bank, the first specialised education finance bank to provide this service to affordable and flexible financing for all actors in the education ecosystem.
Bunmi Lawson, MD/CEO of EdFin MfB, is elated at partnership and thanks the Lagos State government for the initiative.
She stated that this is the first dedicated education fund in Nigeria and EdFin being the first specialised education finance bank is happy to partner with the Lagos State Government and the Lagos State education ecosystem to support schools with the funding they need. The fund will also assist employable persons fund their tuition to improve skills thus enabling then increase their income.
Lawson stated that while the past seven months have been very challenging especially for school owners due to the global pandemic, there was cause for optimism as new opportunities emerge as schools gradually reopen. She therefore encouraged all private school owners to leverage and maximise the unique opportunity this intervention provides to help position their schools to harvest the gains of the post lockdown era.
Schools seeking loans for their schools and Parents / students seeking tuition loans should apply to EdFin website https://edfinmfb.com/edfin-lstef-partnership