LAPO Microfinance Bank has offered parents and children a window to fulfil their academic goals through its affordable loan scheme.
The bank through its Edufinance Loan Products, targets school improvement loans for school proprietors and school fees loans for parents, aimed at addressing a glaring but underreported crisis: financial inaccessibility to education.
Lilian Ehigiamusoe, executive director in charge of operations, said the LAPO’s EduFinance model uses responsible lending and community-based trust systems to mitigate these risks.
She emphasised that loans are disbursed quickly with flexible repayment terms, allowing beneficiaries to avoid exploitative lenders while building a credit history that may support future economic activity.
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“More importantly, the programme is gender-sensitive, a significant percentage of our school proprietors are women,
“When you empower women to run schools effectively, you’re not just improving education—you’re transforming communities,” she said.
As Nigeria grapples with inflationary pressures and rising costs of living, interventions like LAPO’s EduFinance offer more than financial relief. They represent a paradigm shift: from reactive aid to proactive empowerment.
In a country where quality education remains a privilege for many, the cost of schooling has become a heavy burden on the shoulders of low-income families and under-resourced private school owners.
For years, financial exclusion has silently eroded the aspirations of countless Nigerian children and dimmed the future of community schools.
But a quiet revolution is unfolding, driven by financial innovation and a deep-seated commitment to educational empowerment.
This move comes at a time when the statistics are dire. According to UNESCO, over 20 million Nigerian children are currently out of school, the highest figure globally.
While public education is often underfunded and overstretched, low-cost private schools, many serving marginalized urban and rural communities, are bridging this gap but remain chronically underfinanced.
Proprietors often operate under severe infrastructural deficits, with dilapidated classrooms, insufficient furniture, and lack of access to digital learning tools.
Oluremi Akande, director of marketing and corporate communication at LAPO MfB explained that recognising this, the bank launched its Edufinance Loans as a twin-edged solution.
“The school improvement loan provides up to N3 million for proprietors to upgrade facilities, expand capacity, and improve the learning environment.
On the other hand, the school fees loan, a lifeline for many low-income parents, offers up to N100,000 to spread tuition payments over time, ensuring children stay in school.
“Both loan types are offered with competitive interest rates ranging between three to five percent per month, depending on the loan type, amount, and repayment duration,” he said.
Furthermore, he explained that these rates are structured to be significantly more affordable than informal lenders or loan sharks, whose interest rates can exceed 20 percent monthly.
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“Access to finance remains one of the biggest barriers to education in underserved communities. We designed these products not just to support education, but to empower families and school owners with dignity and flexibility.
“And the numbers show the impact. Since inception, LAPO’s Edufinance initiative has disbursed over N4 billion, supporting more than 45,000 students and 3,800 school proprietors across Nigeria. Beneficiaries range from mothers running backyard schools in peri-urban Lagos to farming families in northern Nigeria seeking to secure their children’s academic future,” Akande explained.
With plans to expand the product reach to more rural communities and deepen financial literacy alongside credit access, LAPO Microfinance Bank is not just lending money,it’s restoring hope and rebuilding futures, one school and one child at a time.
