The Nigerian Education Loan Fund (NELFUND) is developing a technology-driven platform to simplify and streamline student loan access, making the process more transparent and efficient.
At a stakeholders’ workshop in Abuja with representatives from Polytechnics, Monotechnics, and Technical Institutes, NELFUND Managing Director/CEO, Akintunde Sawyerr, highlighted the goal of eliminating financial barriers for students, especially in technical education.
He announced that over 320,000 students have received loan disbursements, with many others undergoing verification.
“This goes beyond funding it’s about giving every Nigerian student a fair opportunity, regardless of their background,” said Sawyerr. “We’re building a system that integrates with institutions to verify students and disburse funds effectively.”
He urged educational institutions to support the initiative and praised the role of the National Board for Technical Education (NBTE) in the process.
NELFUND Executive Director of Operations, Iyal Mustapha, reported that while 576,000 students registered, only 516,000 completed their applications largely due to incomplete data or lack of follow-through.
He stressed the importance of bridging this gap and clarified the two loan types: institutional loans paid directly to schools and a N20,000 monthly upkeep loan.
Looking ahead, Mustapha said NELFUND plans to integrate with school portals via APIs, allowing students to apply directly through their institutions for faster verification and disbursement.
“Our aim is a seamless, student-centered process supported by institutions,” he said. “Collaboration is essential.”
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