By Kingsley Adegboye
EdFin Microfinance Bank has partnered 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.
The N5 billion intervention fund is part of the Lagos 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.
Speaking at the recently concluded webinar, the Executive Secretary of LSETF, Mrs. Teju Abisoye announced the partnership with EdFin Microfinance Bank, pointing out that “It is a matching fund loan programme to support education sector in Lagos State”.
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”, Mrs. Abisoye said.
Also, speaking about the partnership, the MD/CEO of EdFin MfB, Ms. Bunmi Lawson, thanked the Lagos state government for the laudable initiative, saying this is the first dedicated education fund in Nigeria and EdFin being the first specialised 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.
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She further added that the fund will also assist employable persons to fund their tuition to improve skills thus enabling them 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 maximise the unique opportunity this intervention provides to help position their schools to harvest the gains of the post lockdown era.