FirstBank set to disburse N15bn to Private Secondary and Primary Schools in Nigeria through its Array of Exciting Educational Solutions for Schools

It is the beginning of another school term and as students return to school after the long holidays, First Bank of Nigeria Limited remains committed to supporting schools with their business requirements to enhance preparations for the school year. FirstBank has developed an array of products and solutions targeted at enabling schools acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school. The Bank has set aside N15bn for private schools in Nigeria.

FirstBank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances Parents/Guardians’ capacity to pay their wards’ school fees.

The FirstEdu loan is targeted at private Nursery, 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. This product allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of school 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.

The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48 months for customers’ convenience. There is no equity contribution or collateral requirement. The Salary Overdraft Account (SODA) is also available to customers who want short tenured overdraft to meet immediate financial needs. SODA can be dispensed as a one-off overdraft for 30 days with up to 40% net salary and a revolving overdraft for 180 days with 25% of applicant’s average previous 3 months net salary. Only a salary account will qualify you to access PLAS and SODA if you work with any of FirstBank’s approved list of employers.

FirstBank’s educational facilities are offered without collaterals. So as the new school term resumes, the Bank has the right products just for you and is poised to constantly provide the platform to support the life styles of its teeming customers. Customers and stakeholders are enjoined to visit any FirstBank branch for further information about its school solutions.

 

About FirstBank

First Bank of Nigeria Limited (FirstBank) is Nigeria’s premier and most valuable banking brand, and largest financial services institution by total assets and gross earnings. With more than 12 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. 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 its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimized 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’s 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.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row – 2011, 2012, 2013, 2014, 2015, 2016 – by the globally renowned “The Banker Magazine” of the Financial Times Group; and “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014. Recently, for the sixth consecutive time, the Bank clinched the “Best Retail Bank in Nigeria” award by The Asian Banker. 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 “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

Folake Ani-Mumuney

Group Head, Marketing & Corporate Communications

www.firstbanknigeria.com

cerebre
September 12th, 2017
Posted In: 2017 Press Releases

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