The Nigerian Education Loan Fund, NELFUND, has assured students it was working assiduously towards building a technology driven system that would improve easy access to its loans.
This was as the FUND disclosed that no fewer than 320,000 students have thus far been paid with many more currently undergoing verification process to enable their payments.
Managing Director and Chief Executive Officer NELFUND, Akintunde Sawyerr gave the assurances on Tuesday in Abuja, while addressing Polytechnics , Monotechnics and Institutes at a Stakeholders Engagement Session/ Technical Workshop on NELFUND System Automation and Loan Application Processes.
Sawyerr noted that the FUND was targeting a platform where students could access loan with confidence and without stress in a manner that was transparent and accountable.
He said: “At NELFUND our mission goes beyond giving loans. It’s about opening doors, it’s about making sure every young Nigerian who is willing to learn and grow has a real shot regardless of their background, location, or chosen path of study.
“For too long, many students, especially in technical institutions, have faced steep financial barriers; some drop out, others have never even applied. This is the gap we at NELFUND are here to close. But we know we can’t do it alone.
“This is a shared mission. It belongs to all of us, government institutions and the private sector alike. This technical workshop marks a major step forward.
“We’re not only providing financing, 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.
“We’re aiming for access without stress, a platform students can use with confidence; transparency and trust so that no one is left wondering where their application stands; partnership with purpose because your feedback, your data, and your cooperation are critical to making this work. We rely on you as our institutional partners to help us bring this vision to life.”
Sawyerr who commended the institutions for providing technical expertise, practical hands-on training that fuels industries and empowers communities over the years, said besides teaching skills, they have built careers, created employers and strengthened economies.
“You know your students, you understand their struggles, your insights will help us tailor this system to reflect the realities on ground, not just assumptions on paper.
“To NBTE, we value your steady leadership in shaping and regulating technical education. Your collaboration is key as we move forward fully.”
The NELFUND boss urged the institutions to partner with the FUND to deliver a system that was not just functional or sustainable, but one that was transformative
“As we move forward fully, integrating NELFUND processes with institutional systems and standards, let us remember at the heart of all of this is a student, a young Nigerian with dreams, with ambition, and the courage to pursue them. Everything we do must serve that student.
“The only way to make it happen is by working together, listening to one another, and staying grounded in real-world challenges. I encourage you all to engage fully today share what’s working and what is not, and together let’s build something that lasts.”
NELFUND ‘s Executive Director, Operations, Mr. Iyal Mustapha, disclosed that no fewer than 320,000 students have thus far been paid, with more verifications currently ongoing.
Mustapha who explained that the failure of not having the number of registered students tally with the number of students whose application process was deemed successful was from the part of students and not NELFUND, said there was an urgent need to bridge the gap.
“We have 576,000 registration in our portal and we have 516,000 applications. The difference between that 576,000 and 516,000 is the 516,000 completed the application.
“The 576,00 started but they were not able to complete the process maybe because of data, or they are not really interested, they just want to test the system.
“But we want to close this gap, and with your support, we’ll be able to close this gap, so that all of them will be able to access the Institutional Loan, because it’s different from the upkeep Loan which is N20,000 a month.
“The Institutional Loan is what we give upfront. So, all applications that we pay to the institution are coming from here. Presently, we have paid for at least 320,000, presently, and we are still doing more verification, and that’s why we are here, so that we can do more verification, so that you can do more from your own side.”
Mustapha also disclosed that the FUND was considering connecting directly to institution’s portal to get the data they need, and how student could apply to their institutions portal without necessarily reaching out to NELFUND.
“One other thing that we’re trying to do going forward is to send some of our IT to all the institutions so that we can see how possible it is we connect directly to your portal instead of saying please send us data. How can we connect using an API which makes it easier to get the data of any student coming to us directly from your portal and not from our portal. So we don’t need to be collecting any data again.
“At the same time, we’re thinking of seeing how is it possible that a student can apply to your portal without coming to us. So it makes it so easy for the student when they’re doing registration, when they’re doing payments, they can select either to apply for NELFUND loans and the process will go through your portal. So you have all the data without ever reaching to NELFUND. All we need is for you to give assurance these are your students and if we have that, we pay you directly. It makes it simpler and faster for all the students.”
