FirstBank Sets Up Support System For Education-Based SMEs

by on July 26, 2020

Major banking institution, First Bank of Nigeria has offered financial backing to small and medium-sized enterprises (SMEs) in the education sector to mitigate the effects of the COVID -19 pandemic in the country.

Speaking during the Bank’s SMEConnect webinar on Thursday, Bankole Adediran, Head, transaction banking products, said the bank’s intentions are to help enterprises in the sector sustain their businesses.

According to him, First Bank, as an institution, is very passionate about education, and is willing to continue efforts to support the sector’s growth.

Further explaining that the bank has an array of financial products that could be accessed by SMEs in the sector, Adeniran said SMEs can apply for the FirstEdu loan targeted at private nursery, primary and secondary schools to help schools achieve their medium and long-terms goals.

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According to Adediran, FirstEdu will provide funding advancement of up to N20 million for schools with a minimum of 100 students with school fees collection domiciled at FirstBank.

Recently launching an e-learning initiative aimed at reaching out to one million students across the country, FirstBank further donated 20,000 e-learning devices to the Lagos state government to promote online learning for students in public schools.

Folasade Adefisayo, commissioner for education, Lagos state, who was a panellist at the webinar, commended the bank for the donation.

Further bewailing the suddenness of the Coronavirus pandemic, Adefisayo said schools were not prepared for the situation.

“This pandemic has been a terrible thing, and one lesson from it is that we have not invested enough in solutions we can deplore at a time like this,” Adefisayo said.

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