Bunmi Lawson is making it easier for schools and parents in Nigeria to access funds for better education through EdFin Microfinance Bank.
UNICEF reported that 14 million Nigerian school children were driven out of school as a result of underfunded institutions and poverty. Students, especially those in rural areas, learn in cramped classrooms, struggle with outdated books, and sometimes even sit on broken chairs because many schools can’t afford to expand or improve their facilities.
Despite all these, government spending on education remains woefully low. At the federal level, only 6.39% of Nigeria’s 2024 budget (₦1.54 trillion) was allocated to education, far below UNESCO’s 15–20% recommendation. At the state level, educational funding was only 12% of total expenditure in 2022, with Lagos spending ₦94.3 billion and Jigawa spending ₦53 billion.
Traditional banks, which ought to help, rarely offer school loans because they see them as “risky investments.” On the other hand, parents face financial struggles, which make tuition payments difficult. As a result, schools shut down, teachers remain underpaid, and students suffer.
Bunmi Lawson recognised these struggles and founded EdFin Microfinance Bank as a solution.
The journey
Lawson grew up in Port Harcourt, watching her family struggle financially during Nigeria’s Structural Adjustment Programme (SAP). Money was tight, and it was challenging to find opportunities.
After earning an HND in Accountancy, she eventually secured an MBA from IESE Business School. Early in her career, she faced bias against polytechnic graduates, making it challenging to land high-level jobs, but that didn’t stop her. She worked as an auditor at KPMG, dabbled in insurance and marketing, and then made a career-defining shift into banking.
By 2007, Lawson became the Founding Managing Director of ACCION Microfinance Bank, transforming it into a leading national microfinance bank. During her tenure, she expanded its reach to 23 states with 62 branches, emphasising financial inclusion and earning the bank recognition as a model for ethical banking. This success was remarkable, but soon, she left to build a bank for the educational sector.
Bunmi builds a bank for schools
In 2019, Bunmi Lawson co-founded EdFin Microfinance Bank in collaboration with Gray Matter Capital (GMC) USA – a US-based impact investor concerned with improving the quality of education for underserved children in developing countries. It is Nigeria’s first-ever bank focused solely on education financing, and Lawson has served as the pioneer Managing Director and Chief Executive Officer since its inception.
Unlike traditional banks, EdFin doesn’t treat schools as “risky.” Instead, it provides school loans to help institutions upgrade classrooms, pay staff, and expand. It also provides loans for parents struggling with tuition payments and vendor financing to support businesses that offer educational materials.
After the COVID-19 pandemic, EdFin Microfinance Bank partnered with the Lagos State Employment Trust Fund (LSETF) for a ₦5 billion fund to support 2,000+ Lagos schools. The bank has also partnered with Google Nigeria and AIICO Insurance to bring digital learning tools and financial literacy training to schools.
Some of its initiatives include Google Bolo, a reading app that helps kids improve literacy; BankConnect, a digital platform that helps schools manage their finances better; and Wowbii Tap, an interactive tech tool used in classrooms.
Bunmi Lawson plans to expand EdFin nationwide, ensuring more schools can access financial support. She also pushes policy changes to prioritise education financing in Nigeria’s banking system. Her influence is growing beyond Nigeria as she is an advisor for MaTontine Inc. (New York) and Simply Exponential Consult.
