{"id":43463,"date":"2020-09-29T19:09:22","date_gmt":"2020-09-29T18:09:22","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=43463"},"modified":"2020-09-30T23:00:37","modified_gmt":"2020-09-30T22:00:37","slug":"firstbank-partners-lsetf-to-offer-funding-at-attractive-interest-rate-to-low-cost-private-schools-in-lagos-state","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/firstbank-partners-lsetf-to-offer-funding-at-attractive-interest-rate-to-low-cost-private-schools-in-lagos-state\/","title":{"rendered":"FirstBank Partners LSETF To Offer. Funding At Attractive Interest Rate To Low-Cost Private Schools In Lagos State"},"content":{"rendered":"

First Bank of Nigeria Limited, Nigeria\u2019s premier and leading financial inclusion services provider, has announced its partnership with Lagos State Employment Trust Fund (LSETF) in a matching fund scheme.<\/p>\n

The scheme aims to cushion the impact of COVID-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate.<\/p>\n

The programme will provide access to finance where participating schools can each be availed up to N5 million as well as capacity development, business and financial advisory. There will be monitoring and evaluation to ensure prompt loan repayment.<\/p>\n

To enjoy this funding opportunity, applications will be submitted via the LSETF portal for screening while successful applicants will be passed on to FirstBank for the loan appraisal and disbursement process. The loan is meant for working capital and asset finance to enable schools resuscitate their practice, acquire needed materials, upgrade their facilities, as well as pay staff salaries in order to bounce back, especially after the lockdown.<\/p>\n

This scheme promotes entrepreneurship in Lagos State which is in tandem with the vision of LSETF to create employment and entrepreneurship opportunities for Lagos residents. It has provisions for Micro Enterprises (ME) and Small and Medium Enterprises (SMEs) across all the 57 LCDAs in the 20 LGAs in Lagos State.<\/p>\n

Sanwo-Olu, the Executive Governor of Lagos State said the N5 billion Education Loan Programme was a precursor to many more human development sector-specific support programmes that would be unveiled by the LSETF on behalf of the State Government next month.<\/p>\n

The Governor explained that the intervention was necessary, given the importance of education to building human capital. He said his administration took education as critical building 21st century economy and realising objectives set out in the T.H.E.M.E.S. agenda.<\/p>\n

The beneficiaries, Sanwo-Olu said, will have access to single-digit loan facilities to fund the provision of the amenities and services needed to aid learning.<\/p>\n

He said: \u201cIt is thus heart-warming to have First Bank of Nigeria electing to be our exemplary partner for this intervention. With their support, players in the education sector would be getting the financial support they need to boost learning at a single-digit interest rate.<\/p>\n

\u201cI also commend the Board of LSETF and the management for this significant accomplishment. They have helped the Lagos State Government build an institution that has engendered public trust and elevated the hope of small businesses and young people, irrespective of challenges faced.\u201d<\/p>\n

According to Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited, \u201cat FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government \u2013 including this partnership \u2013 to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.\u201d<\/p>\n

\u201cWith the single-digit funding targeted at about 2,000 low-cost private schools in the State, we are delighted at this opportunity to demonstrate our commitment to the development of education in Lagos State, thereby contributing our quota to further the mandate of the Lagos State Government \u2013 in partnership with LSETF \u2013 on economic growth, enhanced opportunities for employment and bridging societal gaps in education,\u201d he concluded.<\/p>\n

Commenting on the Eduloan programme, Mrs Bola Adesola, Chairperson, Board of Trustees, Lagos State Employment Trust Fund (LSETF) stated that; “According to the NESG the Education Sector remains a growth area for job creation and a report on job creation by the NBS states that the Education Sector is one of the top 5 sectors that created over 59m jobs in 2019. This fact is buttressed by the data collected by LSETF in previous loan programmes. The objective of the LSETF-FirstvtEdu loan is to create employment, improve the quality of education for our youth by providing access to affordable finance to low-cost private schools and vocational training centres.<\/p>

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“We are confident that this intervention fund, which is complemented by our free professional and institutional support structures, will ensure that the education ecosystem in Lagos State will witness an improvement in the overall learning outcomes for our children, while positively impacting on the Lagos local economy through wealth and job creation.,” she stated.<\/p>\n

Only recently, FirstBank partnered with the Lagos State government, Robert & John, IBM and Curious Learning with a resolve to enable the education of 1 million Nigerian students through innovative eLearning solutions that will drive sustainable efforts towards improving education for all. As part of the partnership, the Bank donated 20,000 units of e-learning devices to the Lagos State government.<\/p>\n

These partnerships reinforce FirstBank\u2019s \u201cYou First\u201d brand promise of putting not just its customers first but the economy of its host communities.<\/p>\n

About FirstBank<\/p>\n

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.<\/p>\n

With over 750 business locations and over 57,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.<\/p>\n

The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank\u2019s cashless transaction drive extends to having more than 9million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 3 million people on FirstMobile platform.<\/p>\n

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government\u2019s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.<\/p>\n

FirstBank has been named \u201cMost Valuable Bank Brand in Nigeria\u201d six times in a row (2011 \u2013 2016) by the globally renowned \u201cThe Banker Magazine\u201d of the Financial Times Group; \u201cBest Retail Bank in Nigeria\u201d for seven consecutive years (2011 \u2013 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and \u201cBest Bank in Nigeria\u201d by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision \u201cTo be the partner of first choice in building your future\u201d. Our brand promise is to always deliver the ultimate \u201cgold standard\u201d of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.<\/p>\n

About Lagos State Employment Trust Fund (LSETF)<\/p>\n

Established in 2016, LSETF’s vision is to create employment and entrepreneurship opportunities to reduce unemployment in Lagos State. LSETF focuses on promoting entrepreneurship by improving access to finance, strengthening the institutional capacity of micro, small, and medium enterprises (MSMEs), formulating policies and actively intervening to improve the business environment. The Agency also trains and places unemployed Lagos residents in jobs, while driving innovation within the Lagos ecosystem.<\/p>\n

Photo Caption: From Right–His Excellency, Mr. Babajide Sanwo<\/em>–Olu, <\/em>Executive Governor, Lagos State and Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited at the launch of the LSETF-FirstEdu Loan, to cushion the impact of COVID-19 pandemic on low-cost private schools, held today at the Banquet Hall, Lagos House, Alausa, Ikeja, Lagos State.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

First Bank of Nigeria Limited, Nigeria\u2019s premier and leading financial inclusion services provider, has announced its partnership with Lagos State Employment Trust Fund (LSETF) in a matching fund scheme.<\/p>\n","protected":false},"author":6,"featured_media":43466,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"coauthors":[2391],"class_list":["post-43463","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"yoast_head":"\nFirstBank Partners LSETF To Offer. 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