FirstBank rolls out educational loans to support schools’ growth plans

FirstBank has announced its FirstEdu educational solution specifically designed to support schools in need of improvement and growth in meeting their medium and long-term goals.

The FirstEdu product includes FirstEdu portal and FirstEdu loan.

FirstEdu loan is targeted at private Nursery & Primary, Secondary and A-Levels schools, offering opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks.

“With this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the target population by maintaining acceptable standard infrastructure at all times,” the bank said.

The product enables customers access up to N20 million facility with no tangible collateral, apart from domiciliation of school fees account with the Bank. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.

On the other hand, FirstEdu portal is a robust web-based enterprise portal that enables educational institutions (private Nursery & Primary, Secondary, A-Levels schools and Tertiary Institutions) manage academic, administrative, professional, logistics and payment challenges.

The basis for its robustness is to take the stress of logistics and payment challenges off schools, as they focus on meeting the year-long and medium-term objectives of their school(s).

The product features and benefits include; e-Learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic & student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers.

 It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; no licensing, installation and maintenance cost and plugs avenues for revenue leakages amongst others.

According to Abiodun Famuyiwa, the bank’s group head, products & marketing support, with FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire.

The bank enjoined customers and stakeholders to visit any of the FirstBank branches or contact the bank on any of its social media channels for further information on FirstEdu.