Easier Loans Ahead? NELFUND's New Verification System Promises Relief for Students

"Struggling to navigate the student loan maze? NELFUND is promising a game-changer. The Nigerian Education Loan Fund (NELFUND) is taking a major step to streamline the often-frustrating student loan verification process by linking its platform directly with tertiary institutions' portals. This move aims to cut through the red tape and get funds flowing to students faster."

"Mustapha Iyal, NELFUND's Executive Director of Operations, unveiled this initiative during a NELFUND sensitization program at the University of Ilorin in Kwara State on Tuesday. Iyal pointed to slow institutional responses as a key bottleneck in the loan disbursement process. The new system is designed to integrate loan applications into the student registration workflow at institutions, potentially revolutionizing the process."

Iyal explained, 'We observed that one of the main challenges we face is verification”. To address this, NELFUND plans to engage institutions directly by integrating our platform with their portals. This way, when students register for courses, they can choose whether to pay via NELFUND, cash, or other means. If a student opts to pay through NELFUND, they will fill out the application with their details, which are already available on the institution’s portal. This eliminates the need for students to visit the NELFUND portal separately. This is the kind of synergy we are working towards.' This integration promises to create a more seamless and efficient experience for loan applicants."

Addressing concerns raised by students in Kwara State, the NELFUND official reassured them that efforts are underway to resolve existing issues. 'We are working on ways to streamline the entire process. We have already started addressing the concerns raised. Our team operates 24/7, and we are always available to assist students,' Iyal stated, emphasizing NELFUND's commitment to continuous improvement."

"Umar Faruk Lawal, the newly appointed student representative on the NELFUND board, praised President Bola Tinubu's administration for launching the student loan initiative, highlighting its potential to democratize access to higher education. 'One of the President’s key campaign promises was the student loan program, and I am happy to say that it is here to stay. Nigerians can now see that children from disadvantaged backgrounds can access higher education with ease. With this student loan program, higher education has become more accessible to everyone,' Lawal asserted, underscoring the transformative potential of the scheme."

"Lawal emphasized that the sensitization program aimed to address doubts and misconceptions surrounding the scheme, reiterating President Tinubu's commitment to ensuring that no student is denied tertiary education due to financial constraints."

"Prof. Wahab Olasupo Egbewole, the Vice-Chancellor of the University of Ilorin, represented by Prof. Adegboyega Adisa Fawole, Deputy Vice-Chancellor for Management Services, acknowledged the timeliness of the sensitization program. He revealed that despite having over 55,000 students, only about 11,000 had applied for the loan, citing various reservations. However, the NELFUND team's visit helped to clarify many of these concerns. He commended NELFUND for its efforts to simplify the registration and verification processes, making the loan more accessible to students."

"The student loan scheme is a flagship project of President Bola Tinubu's administration in the education sector. Shortly after assuming office, Tinubu signed the Access to Higher Education Act, establishing the legal framework for providing loans to low-income Nigerians to help them finance their tuition fees at tertiary institutions. This legislation led to the creation of the Nigerian Education Loan Fund (NELFUND)."

"NELFUND is responsible for processing loan applications, grants, disbursements, and recoveries. According to the Act, the Fund will be financed through various revenue streams and will engage in other productive activities."

Posted on: Wed May 07 2025 Back to posts