June 7, 2019

Microfinance bank for education debuts in Nigeria

IFRS, banks


By Providence Emmanuel

The first ever education finance bank, known as ‘Edfin’ Microfinance Bank, MfB, has made its debut in order to increase access to finance in the education eco-system.

Managing Director/Chief Executive, Edfin MfB, Mrs. Bunmi Lawson, said that about 80 per cent of Nigerians have stake in education, either as school owners, teachers or parents who have their children in school, hence the need for the specialised bank.

Fielding questions from journalists following the launch of the bank, Lawson stated: “Edfin is the first specialized education finance bank in Nigeria. We finance the education eco-system, by that, we mean people who own schools, teachers or principals. We give financial service and value-added services so that schools can grow.

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“80 per cent of Nigerians have a stake in education, it could be that you run a school or you have a child in school, so we hope that if everybody is educated we would realize human potential.

“If you fund education, you are touching all sectors of the economy, Two-thirds of Nigerians send their children to private schools. The public school system is inadequate to meet the growing population so the private sector has a role to play to ensure that everybody is educated.”

In his remark, Chairman, Edfin MfB, Mr. Paul Dileo, said that out of 12 countries that were picked for education finance, Nigeria was picked, and Lagos became the top choice for the initiative after meeting the criteria of Graymatters Capital that invested into the bank as major shareholders.