FirstBank supports schools with N10bn loan

By Omobayo Azeez

Nigeria’s oldest financial services provider, First Bank of Nigeria Limited, has announced that it has supported educational institutions in the country with loans in the sum of over N10 billion.

The bank’s said it executed this through its FirstEdu product, an educational initiative created to enhance the educational facilities in schools with a view to improving the quality of education across the country, its stated in a press statement on Friday.

According to the bank, FirstEdu loan is targeted at private Nursery, Primary and Secondary schools to assist the schools in achieving their desired growth in the medium and long-term.

It further said that the product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead to make learning easy and conducive for students.

According to Chuma Ezirim, group executive, e-business and retail products, FirstBank, “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. We are pleased to have already disbursed over N10 billion loans to schools in one year and we would continue to support growth in this key sector of our economy.”

“At FirstBank, we identify with the impact of the educational sector on the socio-economic activities of the country and importantly the lives of everyone. We remain committed to supporting schools as education is the core and root factor at enabling growth of our economy” he concluded.