CEM REPORT, FINANCE | Private primary, secondary, and tertiary institutions in the country have been provided with loan access to up to ₦180 million to meet their short and medium-term funding needs as schools resume next week.
The Divisional Head of Product Development at Fidelity Bank Plc, Osita Ede, told newsmen that the bank has created Fidelity Edu Loan specifically registered private academic institutions (schools) to prepare adequately to deliver quality education to their students.
He stated that schools could approach the bank for funds, noting that Fidelity Bank recognises the pivotal role quality education plays in the development of any nation.
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However, he stressed that to be eligible for the product, the requesting customer must have operated their educational institution for at least three years and should be duly registered with the relevant authorities.
“Through the offering, privately-run educational institutions can access loans at a friendly rate for working capital needs like minor renovation on their school property; financing the purchase of school supplies like books, teaching materials, furniture or uniforms; and making salary payments.
“Similarly, schools can leverage the Fidelity Edu Loan to purchase fixed assets like school buses, generators and construction of new school buildings,” he said.
“The Fidelity Edu Loan is part of our larger education finance proposition at Fidelity Bank as we aim to empower everyone within the education ecosystem, including the schools, parents and contractors, with amazing financial and non-financial products and services.
“For instance, we have the Fidelity Personal loan, which provides instant loans of up to N5 million to employees of private and public organisations by simply dialling *770*08# from their mobile phones. This can become handy for paying school fees or meeting other personal needs,” he added.