Connect with us

Business

FirstBank Supports Schools with Array of Exciting Educational Solutions

Published

on

First Bank of Nigeria Limited is supporting schools with an array of educational based products and solutions targeted at enabling the acquisition of various facilities to boost the continuous expansion and improvement of the educational sector. Parents are not left out, as the Bank has bespoke products which empowers parents and guardians to meet the educational needs of their children.

The Bank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan Against Salary (PLAS) and FirstAdvance which enhances Parents/Guardians’ capacity to pay their wards’ school fees.

The FirstEdu loan offers short-term finance to private pre-primary, primary and secondary schools/ registered A level educational institutions with steady flow of income. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment or assets, purchase of fairly-used school buses, as well as refurbishing dilapidated buildings and classroom blocks. This product helps school owners/proprietors in bridging the “no-income” gap between school terms, and to enhance diverse assets acquisition. It allows schools access up to N20 million with no tangible collateral required apart from the domiciliation of school fees with the Bank. Schools with CAC registration that are yet to get Ministry of Education approval can access up to N2million without collateral for up to 90days. In a bid to cushion the effect of covid-19 pandemic, the Bank is in partnership with Lagos State Employment Trust Fund (LSETF) to finance low-cost private schools at a single digit interest rate where schools can access up to N5million.

The Bank is also in partnership with the apex association of private school owners in Nigeria, National Association of Proprietors of Private Schools (NAPPS) to finance member schools at a highly competitive rate. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.

The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. The product terms and conditions is competitive.

Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement.

FirstAdvance is a 30days tenured digital loan also available to salary customers who are in need of assistance to meet immediate financial needs. It empowers customers to access upto 50% of their net monthly salary in less than a minute at any desired time by dialing *894*11# or through our FirstMobile App. Only a salary account domiciled with FirstBank will qualify you for PLAS and FirstAdvance.

Beyond these, FirstBank is at the forefront of promoting virtual learning, whilst exposing not just school children but individuals of all ages to various e-learning initiatives, designed to promote innovation and skills development on emerging technologies through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cybersecurity.

In achieving this, the Bank has collaborated with Lagos State government, IBM and Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age.

Speaking on the Bank’s support for schools, Mr. Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products, said “at FirstBank, we recognize the indelible roles the educational sector plays in promoting national economic development and we are delighted to support schools with collateral free educational solutions to meet various needs and projects to advance to the next level.”

“As schools proceed with the new term, we enjoin interested schools to visit the nearest branch or the Bank’s  website for more information and encourage everyone to access our e-learning driven initiatives to keep learning and get exposed to various opportunities to stay ahead in today’s technologically advanced world.”

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Sterling Bank Abolishes Account Maintenance Fees

Published

on

Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.

The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.

“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.

The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.

Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.

Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.

“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.

The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.

Continue Reading

Business

GTCO Announces Pre-Tax Profit of N600.9bn for H1 2025

Published

on

Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.

The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.

The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.

It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.

GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.

It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.

The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.

At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.

Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.

The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.

Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.

The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.

Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.

He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.

Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.

He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.

Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.

NAN

Continue Reading

Business

FirstBank Partners Organisers to Host E1 Lagos GP

Published

on

In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.

Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.

“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.

With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle.  “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.

Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.

The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.

Continue Reading