Tuesday
June 11
2019

Nigeria Gets Its First Microfinance Bank for Education

By Fakoyejo Olalekan

Nigeria now has a microfinance bank for education, the first in the history of the country. There are 898 licensed MFBs in Nigeria and only Edfin Microfinance Bank has been set up for the purpose of funding education for Nigerians.

The specialised bank is aimed at school owners, teachers, and parents who have their children in school or want to enroll their children in school. While speaking about Edfin MfB, the Managing Director and Chief Executive Officer, Mrs. Bunmi Lawson said 80 per cent of Nigerians has a stake in the education sector directly or indirectly.

“Edfin is the first specialized education finance bank in Nigeria. We finance the education eco-system, by that, we mean people who own schools, teachers or principals. We give financial service and value-added services so that schools can grow.

Photo courtesy of Shardayyy.

Source: Nairametrics (link opens in a new window)

Categories
Education, Finance
Tags
education, emerging markets, microfinance