Tuesday, October 06, 2020 05:05
PM / by Edfin MFB/ Header Image Credit: Edfin MFB
Microfinance Bank has partnered with the Lagos State Employment Trust Fund
(LSETF) to provide a single-digit interest rate loan to over 2,000 private
schools and Individuals looking to fund their education in Lagos State. This
intervention fund is part of the Lagos State government's initiative to help
schools recover from the shocks and losses because of COVID-19. Depending on
capacity, each school will have the opportunity to access up to N5m
payable over 30 months at 9% per annum.
Speaking at the just concluded webinar on September 30,2020, the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mrs. Teju Abisoye announced the partnership with EdFin Microfinance Bank. It is a matching fund loan program to support education sector in Lagos State. The loans are targeted at schools and relevant educational institutions e.g. Vocational Training Centres, that have been in operation for over 1 year. The loan will also support young people looking for financing to fund their education.
LSETF recognizes that the education sector creates jobs, and from the previous programs 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 specialized Education finance bank to provide this service to affordable and flexible financing for all actors in the education ecosystem.
Also, speaking about the partnership, the MD/CEO of EdFin MfB, Ms. Bunmi Lawson, thanked the Lagos State government for the laudable initiative. She stated that 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. She further added that the fund will also assist employable persons fund their tuition to improve skills thus enabling then increase their income.
She stated that 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. She therefore encouraged 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.