Ola Akinwunmi
In a move to redefine financial support for Nigerian students, the Nigerian Education Loan Fund (NELFUND) announced plans to implement a cutting-edge, technology-driven system designed to make student loans more accessible, transparent, and efficient.
At a high-profile Stakeholders Engagement Session and Technical Workshop in Abuja on Tuesday, NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, detailed the organization’s vision. “At NELFUND, our mission goes beyond giving loans. It’s about opening doors, ensuring every young Nigerian, regardless of background or location, has a real shot at success,” Sawyerr declared.
He emphasized that the new platform would allow students to apply for institutional loans with confidence and without the long-winded bureaucracy that has plagued the system in the past.
The revamped system is not merely about streamlining the application process; it is an ambitious effort aimed at fostering an ecosystem of trust and accountability. “We’re building a technology-driven system that makes it easier for students to apply, for institutions to verify, and for funds to be disbursed with speed, fairness, and accountability,” said Sawyerr.
He called on both government institutions and private sector partners to join in what he described as a shared mission to break down the steep financial barriers that have forced many promising students to drop out or never even apply for support.
In a significant milestone, NELFUND disclosed that approximately 320,000 students have already benefited from the loans, with many more currently undergoing verification. The organization reported a robust pipeline with 576,000 registrations on its portal, of which 516,000 have completed the application process. “The gap between those who start and those who complete the process is an area we are keen to bridge with the help of our institutional partners,” explained Mr. Iyal Mustapha, Executive Director of Operations at NELFUND.
Mustapha hinted at future plans to integrate directly with institutional portals via API connections, thereby simplifying the registration and verification process even further.The proposed system integration is set to transform the operational landscape by allowing institutions to have direct access to student data, reducing the need for redundant data collection by NELFUND.
This initiative could empower institutions to offer seamless registration experiences where students select NELFUND loans during their enrollment process, with the digital backbone facilitating prompt loan disbursement directly to the institutions.
Speaking at the event, Sawyerr also highlighted the vital role of technical and vocational education institutions. “Your insights will help us tailor this system to reflect the realities on ground—not just assumptions on paper,” he remarked, expressing gratitude to stakeholders such as the National Board for Technical Education (NBTE) for their steady leadership and partnership over the years.
NELFUND’s move is being lauded as a transformative step toward not only ensuring educational access for students across Nigeria but also building a sustainable and collaborative financial ecosystem. As the organization continues to refine its processes and forge strategic alliances, the message was clear: the future of student financial aid in Nigeria will be defined by innovation, cooperation, and an unwavering commitment to empowering the nation’s youth.
