Fidelity Bank supports schools with loan product

Fidelity Bank Plc says it will help schools to prepare adequately for the next session and deliver quality education as summer break gets to an end.

In a statement, it said through its product known as the Fidelity Edu Loan, administrators of registered private primary, secondary and tertiary institutions in Nigeria could access loans of up to N180m.

The Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, said, “At Fidelity Bank, we recognise 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 its educational institution for at least three years and should be duly registered with the relevant authorities, he said.

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 N5m 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.”

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over eight million customers serviced across its 250 business offices and digital banking channels, the statement said.