• Saturday, May 25, 2024
businessday logo


Advans La Fayette MFB launches education loans for parents, schools

Advans Nigeria benchmarks global standard on financial inclusion

Advans La Fayette MFB Limited, a leading microfinance bank supporting small businesses has launched education loan products to assist school owners and parents to run their schools and pay school fees with ease.

The new products are Advans Boost, comprising Advans School Boost and Advans Eduloan. Advans School Boost is designed to provide working and investment capital for school owners while Advans Eduloan is to assist parents to pay their children’s school fees with ease. The third product is the Advans Kiddies, which is a high-yield savings account to help parents save towards the future of their children while still earning interest.

In his welcome remarks at the launch and stakeholders’ engagement held in Lagos; the Managing Director, Gaëtan Debuchy, managing director of Advans La Fayette MFB Limited in his welcome remarks said, “We recognized that lack of finance as one of the biggest banes of education. Emboldened by the fact that investment in quality education yields the best dividend, we created these products to offer solutions to the challenge.

Read also: How Heritage Bank leverages technology to promote financial inclusion for inclusive growth

He said the company is focused on providing premium financial services to her clienteles.

Speaking at the event, Fanny Belhomme, the project manager, Advans La Fayette MFB said, “Advans School Boost allows school owners to access loans up to N75 million to cover school expenses. The loan has a very competitive interest rate, a flexible repayment plan and no hidden costs.

“Parents can access up to N500, 000 with the Advans Eduloan, to pay their children’s school fees. The loan is easy to access, with a low-interest rate and flexible repayment plans”, she added.

Kayode Abraham, marketing and communication manager, Advans La Fayette MFB said, “The process of accessing the education loans is neither rigorous nor daunting.