Fidelity Bank to help schools prepare for new school session with Edu Loan Product

As the summer break winds down, leading financial institution, Fidelity Bank Plc, has emphasised its devotion to help schools prepare adequately for the next session and deliver quality education.

Through its bespoke product known as the Fidelity Edu Loan, administrators of registered private primary, secondary and tertiary institutions in Nigeria can access loans of up to N180million.

In a chat with journalists, Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede said: “At Fidelity Bank, we recognize the pivotal role quality education plays in the development of any nation and this informed our introduction of the Fidelity Edu Loan. 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 construct new school buildings. 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. financing the purchase of school supplies like books, teaching materials, furniture or uniforms; and making salary payments.

“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 N5million to employees of private and public organisations by simply dialing *770*08# from their mobile phones. This can become handy for paying school fees or meeting other personal needs”, explained Ede.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.