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Lagos State Employment Trust Fund partners Nigeria’s first education microfinance bank EdFin to provide low-cost funds

EdFin Microfinance Bank, Nigeria’s first financial institution dedicated to funding education has entered a viable partnership with the Lagos State Employment Trust Fund (LSETF) to provide single-digit interest rate loans to over 2,000 private schools and Individuals seeking funding for their education in Lagos State.

Depending on their capacity, each school could access a loan of up to N5m, courtesy the Lagos state government, payable over 30 months at 9 person per annum.

Photo Credit: EdFin

While making the announcement at a webinar on September 30,2020, Teju Abisoye,the executive secretary of the Lagos State Employment Trust Fund (LSETF), said that the partnership with EdFin Microfinance Bank is a matching fund loan programme to bolster the education sector in Lagos State.

The loans are targeted at schools and other relevant educational institutions like capacity development centres that have been in operation for over a year. The loan will also help young people who seek finance to fund their education. Finally, the loan is targeted towards creating jobs in Lagos state's educational sector.

Schools seeking loans for their schools and parents/students seeking tuition loans can apply to EdFin via the EdFin website.

Nigeria In Focus:

Population - 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)