NELFUND Promises Easier Student Loan Access via Technology-Driven Platform
The Nigerian Education Loan Fund (NELFUND) has pledged its dedication to creating a tech-based system that will make it easier for Nigerian students to access loan services.
This promise was made by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, during a technical workshop and stakeholder meeting held in Abuja with participants from monotechnics, polytechnics, and other institutes.
Sawyerr shared that funding has already been given to over 320,000 students, and many more are still being verified. He highlighted that NELFUND’s purpose goes beyond just giving out loans, aiming to ensure that any Nigerian youth who wants to study can do so, no matter their background or location.
“For too long, students in technical institutions have faced steep financial obstacles. Some drop out, while others never even apply due to a lack of means,” Sawyerr said. “This is the gap NELFUND seeks to close. But we can’t do it alone. It requires collaboration with government bodies and the private sector.”
Explaining the fund’s objectives, he said that NELFUND is building a system based on transparency, accountability, and efficiency. The platform is meant to give students the confidence to apply, enable quick verification by schools, and ensure loans are paid out quickly and fairly.
“We’re aiming for access without stress—a platform students can use with confidence,” he added. “Transparency and trust are key, so that no one is left wondering about their application status. This system must reflect real-world conditions, not just assumptions.”
He also commended technical institutions for helping build careers, enhance skills, and support their communities. Sawyerr pointed out how important it is for schools to give honest input so that the loan system can work well.
“To NBTE, we recognize your leadership in technical education. Your collaboration is essential as we advance the integration of NELFUND systems,” he noted.
In his remarks at the event, NELFUND’s Executive Director of Operations, Mr. Iyal Mustapha, confirmed that more than 320,000 students had already received funds and that the verification of additional applicants is ongoing. He explained that 516,000 students completed applications on the NELFUND portal, out of 576,000 who initially registered.
“The difference stems from incomplete processes—some due to lack of data, others from disinterest or system testing. We want to close this gap,” Mustapha said. “With institutional support, we can ensure more students complete the process and access both the upkeep loan, which offers N20,000 monthly, and the institutional loan, which is paid directly to schools.”
He stressed the vital role institutions have in verifying student data and enabling loan disbursement. He also mentioned that NELFUND is working on connecting with school systems through APIs to easily access student data.
“Our goal is to eliminate redundant data collection. We are considering deploying IT personnel to institutions to facilitate integration,” Mustapha stated. “Ideally, students could apply for loans through their institution’s portal during registration or payment processes, with schools validating the data. Once confirmed, we disburse funds directly to institutions.”
He said that this kind of system would make the loan application easier and faster and remove many of the hurdles that students currently face.
As the workshop progressed, both Sawyerr and Mustapha encouraged attendees to participate fully, share honest opinions, and help build a practical and lasting education finance system.
“At the heart of all this is the student—a young Nigerian with dreams and the courage to pursue them,” Sawyerr concluded. “Everything we do must serve that student.”
The engagement session with stakeholders is an important milestone in NELFUND’s plans to upgrade how education is funded and give every qualified Nigerian student a better chance.
