The First Bank 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. The product offers 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 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. According to Abiodun Famuyiwa, group head, Products & Marketing Support, First Bank of Nigeria Limited, 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 desired.
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