LAPO MfB Introduces EduFinance Loans to Boost Access to Education

Sunday Ehigiator

LAPO Microfinance Bank has announced the expansion of its EduFinance Loan Products aimed at supporting affordable education for low-income families and proprietors of low-cost private schools across Nigeria.

In a statement signed by the Director of Marketing and Corporate Communication, Oluremi Akande, the bank said the products, School Improvement Loans for school proprietors and School Fees Loans for parents, were designed to address financial barriers that keep millions of Nigerian children out of school.

“According to UNESCO, Nigeria has over 20 million out-of-school children, the highest in the world. LAPO noted that while low-cost private schools provide alternatives in underserved communities, they remain chronically underfunded, with many operating under infrastructural and resource deficits.

“The School Improvement Loan provides up to N3 million for proprietors to upgrade facilities, expand capacity, and enhance the learning environment, while the School Fees Loan offers up to N100,000 for parents to spread tuition payments over time. Both products attract interest rates of between 3–5 per cent monthly, which the bank said are significantly lower than informal lending options.”

Quoted in the statement, Executive Director, Operations, Lilian Ehigiamusoe, noted that, “When you empower women to run schools effectively, you’re not just improving education; you’re transforming communities.”