Fidelity Bank Offers Private Schools N180m Loans for Funding Needs

By Aduragbemi Omiyale

A midlevel Nigerian lender, Fidelity Bank Plc, has urged registered private primary, secondary, and tertiary institutions in the country to take advantage of a loan product designed to meet their short and medium-term funding needs.

In a chat with newsmen, the Divisional Head of Product Development at Fidelity Bank Plc, Mr Osita Ede, said the bank created the Fidelity Edu Loan specifically for them, with access to up to N180 million.

Next month, most schools in the country, especially those in the primary and secondary categories, will resume a new session. Some of them are sourcing funds to prepare adequately to deliver quality education to their students.

Mr Ede said schools could approach the bank for funds, as the financial institution recognises the pivotal role quality education plays in the development of any nation.

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.