First Bank of Nigeria Limited says it supported educational institutions in the country last year with loans in the sum of over N10 billion.
The bank said it carried out the support through its FirstEdu product, an educational solution created to enhance educational facilities in schools with a view to improving the quality of education across the country.
FirstEdu loan is targeted at private nursery, primary and secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners and proprietors can stay ahead to make learning easy and conducive for students.
Schools access the facilities with no tangible collateral, apart from domiciliation of school fees account with the bank.
On the other hand, FirstEdu portal is a modular and robust web-based enterprise portal that enables tertiary educational institutions manage academic, administrative, professional, logistics and payment challenges.
The product’s features and benefits include e-learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic and student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers. It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; with no licensing, installation and maintenance cost and plugs avenues for revenue leakages among others.
FirstBank’s Group Executive, e-Business and Retail Products, Chuma Ezirim, said: “With FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire. We are pleased to have already disbursed over N10 billion loans to schools in one year and we would continue to support growth in this key sector of our economy.
“At FirstBank, we identify with the impact of the educational sector on the socio-economic activities of the country and importantly the lives of everyone. We remain committed to supporting schools as education is the core and root factor at enabling growth of our economy.”