First Bank rolls out solutions for learning

First Bank of Nigeria Limited said it is supporting schools with various educational-based products and solutions to promote learning.

In a statement, the bank said the solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan Against Salary (PLAS) and FirstAdvance that enables parents/guardians to quickly pay their wards’ school fees.

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It said the FirstEdu loan offers short-term finance to private schools, and registered A level educational institutions with steady flow of income.

It allows schools access up to N20 million with no tangible collateral; registered schools yet to get Ministry of Education approval can get N2m without collateral for 90 days, it noted.

The bank also said it has partnered with the Lagos State Employment Trust Fund (LSETF) to finance private schools at a single-digit interest rate for N5m. It also has a partnership with the National Association of Proprietors of Private Schools (NAPPS) to finance member schools at a highly competitive rate.

Mr Chuma Ezirim, the Bank’s Group Executive, e-Business and Retail Products further said: “As schools proceed with the new term, we enjoin interested schools to visit the nearest branch or the Bank’s website for more information and encourage everyone to access our e-learning driven initiatives.”