The Nigerian Education Loan Fund (NELFUND) has announced major steps toward simplifying student loan access through a technology-driven platform, aimed at eliminating barriers and ensuring greater transparency and accountability in disbursement.
Speaking at a stakeholders’ engagement and technical workshop in Abuja on Tuesday, NELFUND Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, revealed that over 320,000 students have already received funding, while many more are undergoing verification to enable payment.
“Our mission goes beyond loans. It’s about giving every young Nigerian, no matter their background or location, a real chance to learn and grow,” Sawyerr said. He emphasized the need for a seamless loan application experience, which he described as “access without stress.”
The workshop brought together representatives from polytechnics, monotechnics, and technical institutes, as NELFUND seeks to integrate its loan systems directly with institutional databases to streamline data sharing and reduce application delays.
Sawyerr underscored the need for partnership: “We rely on institutions to help build a transparent and student-focused loan system. Your data, feedback, and cooperation are critical to making this vision a reality.”
Supporting the announcement, NELFUND’s Executive Director of Operations, Mr. Iyal Mustapha, disclosed that while 576,000 students had registered on the portal, only 516,000 had completed their applications, pointing to user drop-offs possibly caused by data issues or uncertainty.
He noted that efforts are underway to close this gap and improve uptake, particularly of institutional loans, which are disbursed directly to educational institutions, as opposed to upkeep loans that support students with N20,000 monthly stipends.
To accelerate the process, Mustapha hinted at future integration of NELFUND systems with school portals via APIs, allowing real-time data access and loan processing without students needing to log into multiple platforms.
“We are considering sending our IT teams to institutions to build direct connections,” he said, adding that this would enable students to apply for loans directly during registration and payment processes within school systems.
With NELFUND already disbursing funds to hundreds of thousands of students, the agency reaffirmed its commitment to transforming Nigeria’s education financing landscape through innovation, institutional partnership, and student-centered reform.
