The Lagos State Government has partnered with EdFin Microfinance Bank to provide loans to over 2,000 private schools, vocational training centres, and individuals in the state.
The government, through the Lagos State Employment Trust Fund (LSETF) has set up an intervention fund of 5 billion naira ($13 million) to help private schools through the Coronavirus pandemic. These schools will be opportune to access up to $13,000 for over 30 months at a 9% interest rate per annum from EdFin Microfinance Bank depending on their capacity..
Bunmi Lawson, Co-founder and Managing director of EdFin, stated that EdFin aims at lifting teaching standards and quality by providing much-needed financial resources and services to the education sector. According to her, the bank’s services “have enabled the schools to expand, provide digital technology for learning, and generally improve learning outcomes.”
To buttress this point, Lawson further noted, “In the first year of our operation, before the COVID lockdown on schools, we had provided loans and other financial services to over 500 schools reaching over 70,000 pupils in Lagos State”
World Bank 2015 reports have shown that Nigeria has one of the largest private school markets globally. In addition, studies have also shown that Private Primary and Secondary schools serve almost 71% of Lagos State pupils.