Accion MFB Supports School Owners With Interest-Free Loans

The Managing Director, Accion Microfinance Limited, Mr. Taiwo Joda, has disclosed that the bank gave out interest-free loans totaling N160 million in the past five months to school owners.

Joda, who revealed this in Lagos, recently, during the corporative social responsibility (CSR) activity of the bank, said despite the company’s interest rate reduction, it was determined to do more support for students to grow.

He also noted that education was key to fighting poverty and tackling unemployment.

The Accion boss further explained that the bank remains passionate about education while expressing confidence that Morit International School would continue to strive.

He said the uniqueness of the proposition of the school was how school fees are paid, stating that the pupils collect used plastic bottles and submit to the school to pay their school fees, “the school, in turn, gives the plastics to recycling companies.”

According to him: “We are here to support the vision of the founder of Morit International School who also is a customer of the bank. He has been our customer for over six years. We keyed into the vision of education for all, especially for children. “We have helped him to grow and have up to 172 school pupils of the poor and vulnerable. The founder’s overriding vision is to have education for every child and every family who cannot afford school fees in Ajegunle.

“The uniqueness of the proposition of the school is how school fees’ are paid. The pupils use plastic bottles to pay their schools which is then recycled.

“The founder of the school will move the plastic bottle to recyclers for recycling. So when we heard this story, we were excited and ensured that we mobilized bottles and containers. We have a truckload of bottles and containers and hoping that it is able to school fees for 50 pupils in a term.

“This is going to be a continuous initiative from the bank and we are going to say that rather drop your plastic bottles in sewages, to wreak havoc, we will encourage people to bring those plastic bottles and containers and keep a child in school, so that is the excitement for us. The campaign of the bank is focused on a better environment to live in.”