One of Nigeria’s top-tier financial institutions, FirstBank is addressing the infrastructure funding challenge faced by private schools across Nigeria through its FirstEdu loan solutions. The bank believes this initiative will significantly contribute to improving the overall quality of education in the country.
Designed to assist schools in financing their capital projects, FirstEdu loans offer a maximum tenor of 48 months. T
his product provides private school owners with flexible funding options to address urgent cash flow needs, replace outdated furniture and equipment, and renovate deteriorating buildings and classrooms.
Folake Ani-Mumuney, Group Head of Marketing & Corporate Communications at FirstBank, emphasized that FirstEdu loans empower school proprietors to stay competitive in delivering educational services and support to their target audience.
Since its launch in 2018, the FirstEdu loan has played a pivotal role in continuously enhancing schools’ facilities while positioning them favorably to achieve their medium and long-term goals. These objectives encompass expanding schools through land acquisitions, purchasing school buses, modernizing educational facilities, and acquiring tools and equipment to optimize daily operations.
Furthermore, renewable energy loans are now available to schools, allowing them to control and reduce their fuel-related costs while adopting eco-friendly power solutions.
FirstEdu loans are exclusively targeted at private Nursery & Primary, Secondary, and A-Levels schools. Eligible institutions must have been in operation for at least 24 months and maintained an account relationship with FirstBank for a minimum of six months or with any bank registered with the Central Bank of Nigeria (CBN) for a minimum of 12 months. The loan amount can vary, depending on the school’s cashflow capacity, with the potential to access up to N20 million or more.
Chuma Ezirim, Group Executive of e-Business and Retail Products at FirstBank, expressed the bank’s unwavering commitment to supporting the educational sector as part of its nation-building strategy.
The positive reception of the FirstEdu product across the country underscores its impact on the educational sector’s value chain, contributing significantly to Nigeria’s socio-economic development. Education serves as the foundation for any society, and FirstBank is dedicated to helping build this foundation for the nation’s future generations.
