NELFUND Vows to Boost Student Loan Access Using Technology — Here’s What to Expect!
Students have been reassured by the Nigerian Education Loan Fund (NELFUND) that it is diligently working to develop a technology-driven system that will provide easier access to its loans.
This came as the FUND revealed that at least 320,000 students had received their funds to date and that many more were presently going through the verification procedure to make their payments possible.
At a Stakeholders Engagement Session/Technical Workshop on NELFUND System Automation and Loan Application Processes on Tuesday in Abuja, polytechnics, monotechnics, and institutes were addressed by Akintunde Sawyerr, NELFUND’s Managing Director and Chief Executive Officer.
According to Sawyerr, the FUND aimed to create a platform that would allow students to obtain loans in an open, accountable, and stress-free manner.
“Our mission at NELFUND extends beyond providing loans,” he stated. It’s about creating opportunities and ensuring that every young Nigerian who is eager to learn and develop gets a fair chance, irrespective of their upbringing, geography, or academic preference.
Financial obstacles have plagued many students for far too long, particularly at technical schools; some drop out, while others never apply. At NELFUND, our goal is to bridge this divide. We realize, however, that we cannot accomplish it alone.
This is a mission that we all share. We all own it, including the private sector and governmental organizations. This technical session is a significant advancement.
“In addition to offering funding, we’re developing a technology-driven system that facilitates the application process for students, the verification process for schools, and the prompt, equitable, and accountable distribution of cash.
Access without stress, a platform that students can use with confidence, openness, and trust so that no one is left wondering where their application stands, and partnership with purpose—because your cooperation, data, and feedback are essential to make this work—are the goals we have set for ourselves. As our institutional partners, you are essential to us realizing this ambition.
In addition to imparting skills, Sawyerr said the institutions have developed careers, established businesses, and bolstered economies by offering technical expertise and hands-on training that supports industries and empowers communities over the years.
Your knowledge of your pupils and their difficulties will enable us to modify this system so that it reflects actual conditions rather than merely theoretical presumptions.
The head of the NELFUND urged the institutions to collaborate with the FUND to provide a system that was transformative rather than merely sustainable or functional.
“Let us keep in mind that at the core of everything is a student—a young Nigerian with aspirations, desire, and the guts to follow them—as we go fully, merging NELFUND procedures with institutional systems and standards. Every action we take needs to benefit that pupil.
Working together, listening to one another, and remaining rooted in the difficulties of the real world are the only ways to make it happen. I urge everyone to participate completely today, explain what is and is not working, and let’s work together to create something enduring.
Mr. Iyal Mustapha, Executive Director, Operations at NELFUND, revealed that at least 320,000 students have received payment thus far, and additional verifications are still being conducted.
There is an urgent need to close the gap, according to Mustapha, who clarified that the students, not NELFUND, were responsible for the incompatibility between the number of registered students and the number of students whose application process was considered successful.
“There are 516,000 applications and 576,000 registrations on our portal. 516,000 completed the application, which is the difference between 576,000 and 516,000.
“The 576.00 began, but they were unable to finish the process, possibly due to data issues or a lack of interest; they only wanted to test the system.”
But since the institutional loan differs from the maintenance loan, which is N20,000 per month, we want to close this gap, and with your help, we’ll be able to do so so that everyone may access it.
“What we provide up front is the institutional loan. This is where all of the applications that we submit to the organization originate. We have already paid for at least N320,000 worth of pupils, and we are still performing more verification. This is why we are here: to complete more verification so that you can complete more work on your own.
Mustapha also revealed how students may apply through their institution’s portal without having to contact NELFUND and that the FUND was thinking of connecting directly to the institution’s portal to obtain the data they want.
Another thing we’re attempting to do moving forward is to deploy some of our IT to every institution to see if we can connect straight to your portal rather than requesting that you feed us data. How can we establish a connection via an API that facilitates the retrieval of student data from your site rather than ours? Therefore, there is no need for us to gather data once more.
At the same time, we’re considering how a student would be able to apply through your site without visiting us. As a result, it is very simple for the student to register and make payments. They can choose to apply for NELFUND loans, and the process will be completed through your portal. Thus, you possess all the information without ever contacting NELFUND. We only ask that you confirm that these are your pupils, and if you do, we will pay you immediately. It simplifies and expedites the process for every student.
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