Grassroots’ partner Edfin launches affordable education in Lagos

Edfin Microfinance Bank of Lagos State officially launched at an event attended by more than 500 representatives of the Nigerian affordable private school community, the press, industry associations and the Lagos State Governor, Central Bank of Nigeria, and U.K. DFID. Grassroots Capital Management PBC (“Grassroots”) managed the creation and start-up of the bank on behalf of anchor investor Gray Matters Capital.

In the keynote address at the launch, Grassroots’ Managing Director and Edfin Board Chair Paul DiLeo noted that Lagos had been chosen as the first of what is envisioned as a network of specialized financial institutions targeting the affordable school ecosystem — schools, teachers, parents, students, suppliers — because of the strong management team assembled, the promising market, with over 18,000 private schools serving 80% of Lagos school age population, and the supportive posture of the government and regulatory authorities.

Read more about the launch event here

According to Grassroots’ Managing Director Amit Brar, Grassroots and Gray Matters are preparing to launch similar companies in Asia and Latin America with the network ultimately planned to include up to a dozen specialized financial institutions within four years.