EdFin Microfinance Bank on Thursday officially kicked-off banking operations, focusing on providing savings, loans and value-added services to stakeholders in the education sector of the economy.
The lender, which is Nigeria’s number first specialised bank focused solely on education finance, is an initiative of Gray Matters Capital through their investment company Gray Matters Mauritius (GMM) together with Bunmi Lawson and Adetayo John–Fishers.
The bank is designed to improve learning outcomes by providing financial services to private schools, school contractors and other stakeholders in the sector. EdFin will enable schools to become sustainable businesses, develop linkages to education solution providers for innovative apps and technologies to supplement the school curriculum.
Speaking at the launch of the bank, Oby Ezekwesili, former minister of education, advised the banks to direct their services to bridge the gap in skills and knowledge of schools, to enable the students to transform the economy and compete with their counterparts across the world.
She said that if a country wants to improve the economic and social wellbeing of its citizens, it must be done through quality education.
“Those who have the capacity to pay should pay the right price for tertiary education and for those without the capacity to pay, edufinance and a subsidy from the federal government that is well designed will ensure that they are not left out of education,” Ezekwesili said.
It’s the bank’s vision to be the globally recognised bank of choice for education financial solutions in Africa and its mission is the provision of financial services to the education ecosystem for the realisation of human potential.
The bank believes that by providing appropriate financial services plus value-added solutions to education providers and users, the human potential will be realised.
Bunmi Lawson managing director/CEO said the launch of the bank marked the start of a journey for everyone who in the future would need access to quality education at all levels, as well as providers of educational services.
“All stakeholders in the education ecosystem having easy access to the finance they need in the future we envisage,” she added in her welcome address.
Babajide Sanwo-Olu, governor-elect, Lagos State was pleased that on the bank’s resolve to direct their empowerment to the education sector.
Represented by Sam Egube, Chairman of the board, CeLD Innovations Limited, he said the government should make the education sector budget a priority always.