NELFUND Commits to Tech-Driven Student Loan Access in Nigeria
Fund Aims for Seamless, Transparent Loan Application Process
Abuja, Nigeria – Mr. Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), has reaffirmed the organization’s commitment to developing a technology-driven system for equitable student loan access. The announcement came during a recent stakeholders engagement session in Abuja.
Building a Student-Centric Loan System
Speaking at the Technical Workshop on NELFUND System Automation, Sawyerr emphasized the Fund’s mission to create a seamless platform that eliminates financial barriers for Nigerian students. “Our goal goes beyond loan disbursement,” he stated. “We’re creating opportunities for all young Nigerians to pursue education, regardless of background or field of study.”
The NELFUND chief highlighted the persistent challenges faced by technical institution students, noting that many have historically dropped out due to financial constraints. “We’re closing this gap through collaboration with government institutions and private sector partners,” Sawyerr added.
Technology as an Enabler
Sawyerr detailed NELFUND’s technology-driven approach, which focuses on:
- Streamlined application processes
- Efficient institutional verification
- Fast and fair loan disbursement
“Transparency is our cornerstone,” Sawyerr emphasized. “We’re building a system students can trust, with no applicant left in the dark.”
Current Loan Distribution Status
Iyal Mustapha, NELFUND’s Executive Director of Operations, provided updates on current loan distributions:
- Over 320,000 students have received funding
- 576,000 registrations recorded on the portal
- 516,000 completed applications processed
Mustapha explained the gap between registrations and completed applications often results from incomplete submissions or system testing by students.
Future System Enhancements
NELFUND is exploring direct integration with institutional portals to simplify the application process. “We envision students applying through their institution’s platform without needing to access NELFUND directly,” Mustapha revealed.
The Fund is also considering deploying IT teams to educational institutions to facilitate this direct connection, potentially revolutionizing student loan accessibility in Nigeria.
Source: Daily Trust