First Bank to provide up to N20 million funding advancement for schools in Nigeria

First Bank of Nigeria is set to provide financial support to small and medium sized enterprises (SMEs) in the educational sector, most especially the nursery, primary and secondary schools.

This move is in place to mitigate the effects of the COVID -19 pandemic in the country.

Speaking during the bank’s SMEConnect webinar on Thursday, Bankole Adediran, head, transaction banking products, said the bank wants to help businesses in the educational sector sustain their businesses.

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While explaining that the bank has an array of financial products that could be accessed by SMEs in the sector, Mr Bankole said;

“FirstBank, as an institution, is very passionate about education, and will continue to support the sector”

He further noted SMEs can apply for the FirstEdu loan targeted at private nursery, primary and secondary schools to help schools achieve their medium and long-terms goals.

According to Adediran, FirstEdu provides funding advancement of up to N20 million for schools with a minimum of 100 students with school fees collection domiciled at FirstBank.

He also urged schools to learn from the COVID -19 pandemic by embracing automation to plug leakages in the education sector.