Business
FirstBank Offers Support To SMEs in Education Sector Through the Pandemic
By Chinyere Nwokeoma, NAN
First Bank of Nigeria Limited has offered to give financial support to Small and Medium Enterprises (SMEs) in Education Sector to cushion the effects of the COVID -19 pandemic. Mr. Bankole Adediran, Head, Transaction Banking Products, FirstBank, made this known at the Bank’s SMEConnect webinar with theme: “Managing Your School through the Pandemic: Engagement and Retention Strategies”.
Adediran said that the Bank was ready to partner with SMEs in the education sector through the period of the novel coronavirus pandemic to sustain their businesses.
“FirstBank, as an institution, is very passionate about education, and will continue to support the sector,” he said.
He said that the Bank would continue to reinforce its leading role at enabling the growth of the educational sector in the country.
Adediran said that the Bank had an array of financial products that could be accessed by SMEs in the educational sector in the period of COVID -19.
He said SMEs in the sector could key into FirstEdu Loan targeted at private nursery, primary and secondary schools to assist the schools in achieving their desired growth in medium and long terms.
According to him, the product provides funding advancement of up to N20 million for schools with a minimum of 100 students with school fees collection domiciled at FirstBank.
Adediran said that, with the product, school owners/proprietors could stay ahead to make learning easy and conducive for students.
He said the Bank had launched various interventions and initiatives to support the sector to navigate through challenges occasioned by COVID -19.
He noted that FirstBank recently launched an e-learning initiative aimed at reaching out to one million students across the country to ensure they would be academically engaged while at home.
Adediran also said that the Bank supported 10 universities and three secondary schools across the country with major infrastructure projects.
He added that the Bank donated 20,000 e-learning devices to the Lagos State Government to promote online learning for students in the public schools.
Adediran urged schools must learn from the COVID -19 pandemic by embracing automation to plug leakages in the sector.
Mrs. Folasade Adefisayo, Commissioner for Education, Lagos State, who was a panelist at the webinar, commended the Bank for donating 20,000 devices with six months data, to the state for e-learning.
Adefisayo said the state reached out to many companies for support at the wake of the pandemic and that FirstBank came to its aid.
She disclosed that all the schools were not prepared for the situation, noting that most children in public schools did not have device and data for online learning.
“This pandemic has been a terrible thing, and one lesson from it is that we have not invested enough in solutions we can deplore at a time like this,” Adefisayo said.
She said that the pandemic had forced Nigerians to be more creative and innovative, adding that schooling would no longer be the same again.
Adefisayo called on teachers to change their teaching and learning strategies, saying that COVID -19 had changed learning.
Also, Dr. Yomi Otubela, President, National Association of Proprietors of Private Schools (NAPPS), said the association had responded greatly by interfacing between government and its agencies since the beginning of the pandemic.
Otubela said the Central Bank of Nigeria was working out modalities for palliatives for schools and teachers who had not been receiving salaries since the pandemic started.
He noted that there had been an increase in rape, kidnapping and robbery as a result of COVID -19.
Mr. Wale Abioye, Team Lead, Customer Practice in Management Consulting (KPMG), said the pandemic had impacted negatively on many sectors of the economy, especially education.
Abioye highlighted some of the negative impacts of the pandemic to include financial/economic, structural, social and policy challenges.
He said many SMEs in the educational sector could be out of business due to the pandemic, thereby increasing unemployment rate.
Mr. Babatunde Vaughan, Education Lead, Modern Classroom, Microsoft Nigeria, said the company had introduced a lot of products to make online learning easy and interesting.
“COVID -19 is a very unique period for everyone, change has come and we will continue to experience change.
“We must be more proactive than reactive,” Vaughan urged.
The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.
The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.
Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.
The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.
It also marks the fourth consecutive hold this year.
The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.
The Punch
Access Bank Plc, Nigeria’s largest retail bank, is set to unveil DettyFusion, an innovative all-in-one digital platform designed to help Nigerians at home and in the diaspora seamlessly discover, plan, and enjoy entertainment events during the upcoming Christmas and New Year festive season.
Billed as the first-of-its-kind entertainment aggregator in the country, DettyFusion will serve as a centralized hub where users can explore event calendars, purchase tickets, access exclusive discounts, participate in curated festive experiences, and make safe, seamless payments throughout the holiday period.
Speaking on the forthcoming launch, Access Bank’s Head of Mobility, Ishmael Nwokocha, said the platform was inspired by the bank’s commitment to enhancing customer experience during the highly anticipated Detty December season.
“Every December, Nigerians look forward to moments that bring joy, connection, and unforgettable experiences. The launch of DettyFusion will create a single gateway that makes it easier, safer, and more convenient for customers to enjoy the thrills of Detty December,” Nwokocha stated.
He added that the platform reflects Access Bank’s drive to deliver innovative lifestyle solutions that extend beyond traditional banking services. “DettyFusion brings together key features that meet the needs of today’s digitally active and experience-driven audience,” he said.
With this initiative, Access Bank continues to reinforce its position as a leading lifestyle enabler, supporting Nigeria’s creative sector while empowering customers to enjoy top-tier entertainment during the festive season.
With DettyFusion, Detty December just got smarter, more convenient, and even more rewarding.
Across Africa, women are fast becoming the heartbeat of economic transformation. From bustling open-air markets to high-tech boardrooms, women-led enterprises are redefining what is possible for the continent’s future.
Whether as market traders expanding their reach through digital platforms, tech founders scaling innovations across borders, or artisans turning local crafts into global brands, women’s contributions are now central to Africa’s economic resurgence.
Even as they break new ground, many still face formidable barriers. Access to finance, mentorship, business education, and supportive networks remains limited. Structural issues such as weak property rights, gender bias, and inadequate legal protections often hinder women from securing loans or expanding their businesses.
Consequently, many women-owned ventures remain small, informal, and vulnerable to economic shocks.
Recognising both the promise and the obstacles, Access Bank has positioned itself at the forefront of empowering women across the continent. Recently named Africa’s Best Financier for Female Entrepreneurs by the EMEA Finance Awards, the Bank has earned global recognition for its commitment to inclusion, innovation, and sustainable impact.
At the centre of this effort is the W Initiative, one of Africa’s most comprehensive women-focused banking programmes. Unlike conventional banking, it combines finance with mentorship, training, and community support, acknowledging that true empowerment requires more than access to capital. The initiative meets women wherever they are on their entrepreneurial journey, from start-ups to growing enterprises and corporate leadership.
The W Power Loan offers affordable credit with flexible terms, enabling women to invest in expansion, inventory, or technology. The W Academy provides leadership and business training on financial literacy, marketing, and regulatory compliance, while the W Community connects women to peers, mentors, and role models across industries.
Importantly, these offerings extend beyond urban centres. From microloans sustaining traders in rural markets to leadership programmes developing female executives in multinational firms, Access Bank’s approach is deliberately inclusive. By partnering NGOs, business associations, and government agencies, it reaches women in underserved communities, ensuring participation in Africa’s economic rise.
The results are evident. Thousands of women have accessed credit, training, and networks through the Bank’s initiatives, enabling them to launch and scale businesses, create jobs, and uplift their communities. The ripple effects are far-reaching: increased household income, improved family wellbeing, and greater economic resilience. Women who once faced daunting barriers now serve as role models and change-makers, inspiring others to follow their path.
Studies show that when women thrive, societies prosper. The World Bank and African Development Bank note that empowering women fuels GDP growth, improves health outcomes, and enhances social stability. By directly addressing structural gaps in access to finance and information, Access Bank helps to unlock this transformative potential.
Apart from supporting entrepreneurs, Access Bank promotes gender inclusion within its own organisation. Its leadership pipeline identifies and advances talented women, while mentorship and wellness programmes help female professionals thrive. The Bank also uses public platforms, from conferences to policy dialogues, to share success stories and advocate for gender diversity across sectors.
The EMEA Finance recognition thus goes beyond trophies and titles; it affirms that profitability and purpose can coexist. For Access Bank, supporting women’s advancement is smart economics. By embedding inclusion into its DNA, the Bank is shaping a financial ecosystem that views women as equal partners in progress.
Access Bank’s influence also extends into advocacy. Through forums, roundtables, and research collaborations, the Bank engages policymakers, civil society, and business leaders to identify and dismantle barriers facing women entrepreneurs. Its campaigns amplify women’s voices, spotlighting their achievements and driving conversations around inclusive growth.
