EdFin Microfinance Bank has partnered the Lagos State Employment Trust Fund (LSETF), to provide N5 billion intervention fund at a single-digit interest rate loan to over 2,000 private schools and individuals seeking education fund in Lagos.
The Executive Secretary of LSETF, Mrs. Teju Abisoye, who announced the partnership with EdFin Microfinance Bank, at the recently concluded webinar, said, the N5 billion intervention fund is part of the state government’s initiative to help schools recover from the shocks and losses due to COVID-19.
Depending on capacity, each school will have the opportunity to access up to N5 million payable over 30 months at 9 per cent per annum. According to her, “The loans are targeted at schools and relevant educational institutions, for instance, Vocational Training Centres that have been in operation for over one year are qualified for the loan.
The loan will also support young people looking for finance to fund their education. “LSETF recognises that the education sector creates jobs, and from the previous programmes done by LSETF, the education sector is a promising sector that will create the kind of numbers and jobs we need in Lagos state.
“Quality education is an important part of human welfare and existence and LSETF is happy to be affiliated with EdFin Microfinance Bank, the first specialised education finance bank to provide this service to affordable and flexible financing for all actors in the education ecosystem,” Abisoye said.
Also, speaking about the partnership, the Managing Director, EdFin MfB, Ms. Bunmi Lawson, thanked the state government for the laudable initiative, saying “this is the first dedicated education fund in Nigeria and EdFin being the first specialized education finance bank is happy to partner with the Lagos State Government and the Lagos State education ecosystem to support schools with the funding they need.
“The fund will also assist employable persons fund their tuition to improve skills thus enabling them increase their income. While the past seven months have been very challenging especially for school owners due to the global pandemic, there was cause for optimism as new opportunities emerge as schools gradually reopen.
“I am encouraging all private school owners to leverage and maximize the unique opportunity this intervention provides to help position their schools to harvest the gains of the post lockdown era,” she said.