The Nigerian Education Loan Fund (NELFUND) has reaffirmed its commitment to deploying a technology-driven system aimed at easing access to student loans across the country.
Speaking on Tuesday in Abuja during a stakeholders’ session with Polytechnics, Monotechnics and technical institutes, NELFUND Managing Director and CEO, Akintunde Sawyerr, disclosed that over 320,000 students have already received loan payments, with more undergoing verification.
Sawyerr explained that NELFUND’s goal extends beyond financial assistance, aiming to create an inclusive, transparent and efficient support system for Nigerian students.
“Our mission is to ensure that every young Nigerian, irrespective of background or location, has the opportunity to pursue education without financial strain,” he said.
Highlighting longstanding financial challenges faced by students in technical institutions, Sawyerr said the Fund was designed to bridge that gap, adding that collaboration with stakeholders was crucial for success.
“We’re building a tech-based platform that streamlines applications, institutional verifications, and disbursements — all with transparency and accountability at the core,” he said.
He commended institutions for their longstanding contributions to skill development and economic empowerment, urging them to partner closely with NELFUND to tailor systems to real-life challenges.
In his remarks, NELFUND’s Executive Director of Operations, Mr Iyal Mustapha, revealed discrepancies between registered applicants and those who completed the loan process, attributing the gap to incomplete applications by students.
“We have 576,000 registrations, but only 516,000 completed their applications. The remainder did not follow through, possibly due to lack of interest or technical issues,” he explained.
Mustapha added that the Fund was exploring direct integration with institutional portals through APIs to streamline data exchange, enabling students to apply directly through their school systems.
“Our goal is to make it simple and fast — so that once institutions confirm their students, we can disburse funds promptly,” he said.
He also said NELFUND was considering deploying IT staff to partner institutions to assist with integration and enhance efficienc
