FirstBank Plc, one of Nigeria’s technology-driven financial services providers, has unveiled a ‘FirstEdu Educational Solution’ designed to support schools in need of improvement and growth in meeting their medium and long-term goals.
A statement issued the bank on the latest service indicated that the FirstEdu product comprised FirstEdu portal and FirstEdu loan.
The bank stated that the “FirstEdu loan is targeted at private nursery and primary, secondary and A-levels schools and 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.
It clarified further on the FirstEdu loan that with it, 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 added that “the product enables customers to access up to N20 million facility with no tangible collateral, apart from having school fees account with the bank”, adding that this will help in reducing the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.
On the FirstEdu portal component of the just launched FirstEdu product, the bank explains: “On the other hand, FirstEdu portal is a robust web-based enterprise portal that enables educational institutions (private nursery and primary, secondary, A-level 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 bank added.
