Nigeria launches first Microfinance Bank for education

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The Edfin Microfinance Bank is the first of its kind in Nigeria, as it was set up for the purpose of funding education for citizens of the country.

There are 898 licensed Microfinance Banks in Nigeria, but Edfin is the only one aimed at school owners, teachers, and parents who have their children in school or want to enroll their children in school.

Speaking on the development, the Managing Director, Mrs. Bunmi Lawson revealed that about 80 percent of Nigerians have a stake in the education sector.

According to Lawson, “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”.

She also said “80 percent of Nigerians have a stake in education, it could be that you run a school or you have a child in school, so we hope that if everybody is educated we would realize human potential. If you fund education, you are touching all sectors of the economy, Two-thirds of Nigerians send their children to private schools. The public school system is inadequate to meet the growing population so the private sector has a role to play to ensure that everybody is educated”.

Nigeria is among the twelve countries that were picked for education financing by Graymatters Capital which is also a major shareholder in Edfin Microfinance Bank.

Gray Matters Capital operates as an investment company. It invests in energy sectors, educational institutes, and large scale enterprises.

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