Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has outlined how the organisation’s new token-based payment arrangement is expected to transform school fee payments for students across Nigeria.

Sawyerr spoke during a briefing with journalists on Wednesday, explaining that the initiative aims to eliminate cases of students paying their fees twice and reduce the difficulties associated with processing refunds.

He also revealed that the ongoing application process had attracted close to 400,000 submissions.

Under the new arrangement, students will be able to trigger payments directly to their respective institutions using tokens associated with their schools.

According to Sawyerr, a mobile application will allow students to authorise the direct transfer of approved loan funds to their institutions, removing the need for the money to pass through their personal bank accounts.

“We discovered that there were some issues with students being informed in good time that their payments had been made by NELFUND, which meant that some of them would pay because they hadn’t realised that NELFUND had paid already,” he said.

NELFUND disclosed that it had disbursed a minimum of ₦372.62 billion since the launch of its student loan application portal in 2024.

The student loan programme provides support for tuition payments and upkeep allowances for students who meet the eligibility requirements.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.