Firstbank supports schools with array of exciting educational solutions

First Bank of Nigeria Limited is supporting schools with an array of educational based products and solutions targeted at enabling the acquisition of various facilities to boost the continuous expansion and improvement of the educational sector. Parents are not left out, as the Bank has bespoke products which empowers parents and guardians to meet the educational needs of their children.

The Bank’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 FirstAdvance which enhances Parents/Guardians’ capacity to pay their wards’ school fees.

The FirstEdu loan offers short-term finance to private pre-primary, primary and secondary schools/ registered A level educational institutions with steady flow of income. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment or assets, purchase of fairly-used school buses, as well as refurbishing dilapidated buildings and classroom blocks. This product helps school owners/proprietors in bridging the “no-income” gap between school terms, and to enhance diverse assets acquisition. It allows schools access up to N20 million with no tangible collateral required apart from the domiciliation of school fees with the Bank. Schools with CAC registration that are yet to get Ministry of Education approval can access up to N2million without collateral for up to 90days. In a bid to cushion the effect of covid-19 pandemic, the Bank is in partnership with Lagos State Employment Trust Fund (LSETF) to finance low-cost private schools at a single digit interest rate where schools can access up to N5million.

The Bank is also in partnership with the apex association of private school owners in Nigeria, National Association of Proprietors of Private Schools (NAPPS) to finance member schools at a highly competitive rate. 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. The product terms and conditions is competitive.

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 our customers’ convenience. There is no equity contribution or collateral requirement.

FirstAdvance is a 30days tenured digital loan also available to salary customers who are in need of assistance to meet immediate financial needs. It empowers customers to access upto 50% of their net monthly salary in less than a minute at any desired time by dialing *894*11# or through our FirstMobile App. Only a salary account domiciled with FirstBank will qualify you for PLAS and FirstAdvance.

Beyond these, FirstBank is at the forefront of promoting virtual learning, whilst exposing not just school children but individuals of all ages to various e-learning initiatives, designed to promote innovation and skills development on emerging technologies through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cybersecurity.

In achieving this, the Bank has collaborated with Lagos State government, IBM and Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age.

Speaking on the Bank’s support for schools, Mr. Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products, said “at FirstBank, we recognize the indelible roles the educational sector plays in promoting national economic development and we are delighted to support schools with collateral free educational solutions to meet various needs and projects to advance to the next level.”

“As schools proceed with the new term, we enjoin interested schools to visit the nearest branch or the Bank’s  website for more information and encourage everyone to access our e-learning driven initiatives to keep learning and get exposed to various opportunities to stay ahead in today’s technologically advanced world.”

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 126 years.

With over 750 business locations and over 86,300 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 30 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.

The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.

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’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 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to 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 the first choice in building your future”. Our brand promise is always to 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.

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The Commander, U.S. Africa Command, U General Stephen Townsend, wrapped up a three-day West African visit February 22-25, 2021, with a stopover in Nigeria to meet with the nation’s leaders and further the long-standing partnership and security cooperation between the two countries.

A press statement by the Embassy on Friday, said: “During the visit, Townsend met with the Nigerian President’s Chief of Staff, Ibrahim Gambari, and National Security Adviser, Babagan Monguno, to discuss regional security issues and to express the command’s gratitude for the assistance provided during a hostage rescue operation last year.

“When we asked for their help, the Nigerian government answered the call. Our hostage recovery mission in October would have been impossible without their support.

“They quickly provided assistance that helped the U.S. military to save an American life. That is a strong example of our partnership with Nigeria.”

Townsend also met with senior military officials, including the Minister of Defence, Bashir Salihi Magash, and the Chief of Defence Staff, General Leo Irabor, to talk about on-going cooperation in the region and greater maritime security and threat mitigation.

Nigeria is a key partner in countering violent extremist organizations throughout the Lake Chad Basin.

Townsend said furthermore: “The bilateral relationship between Nigeria and the U.S. is built on several pillars including security cooperation.

“U.S. Africa Command will do our part to advance the security cooperation pillar, so that Nigerians can enjoy the more secure future they all deserve.”

As close partners, the U.S. and Nigeria have worked at ensuring the collaborative relationship continues to grow to include a commitment to interoperability. Nigeria purchased 12 A-29 Super Tucano light attack aircraft, which will be delivered later this year.

“Nigeria’s purchase of A-29 Super Tucano aircraft is another example of their commitment to interoperability and security in the region,” he added. “Our economic relationship with Nigeria is already strong, and we look forward to the continued strengthening of security relationships. Nigeria’s leaders understand the importance of a collaborative approach to ensuring stability in West Africa and partnering on areas of mutual interest.”

The Commander also met with the U.S. Ambassador to Nigeria, Mary Beth Leonard.

Leonard said: “General Townsend’s visit to Nigeria demonstrates the strategic importance the United States places on our bilateral relationship with Nigeria.

“Our security cooperation partnership with Nigeria’s military will strengthen the country’s capabilities to secure land and sea borders, enhance overall security, and combat terrorism in the North East.”

As part of the visit, Townsend participated in a wreath-laying ceremony at the Nigeria Military National Cemetery to honour those who have given their lives in the service of their nation.

During the visit, the delegation expressed their condolences for the seven service men killed in the crash of a Nigerian Air Force aircraft in Abuja.