NELFUND embarks on IT integration to improve student loan application and prevent fraud

• NELFUND is taking caller steps to easiness the pupil indebtedness exertion process and chopped retired bottlenecks from the system
• The pupil indebtedness head announced that it would beryllium deploying IT teams to institutions crossed the country
• NELFUND besides precocious issued a stern informing to the institutions and different players to debar introducing fraudulent practices

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Following caller issues with pupil indebtedness applications, the Nigerian Education Loan Fund (NELFUND) has announced updates to easiness the indebtedness exertion process and forestall fraud by stakeholders.

NELFUND revealed plans to deploy IT teams to linked institutions crossed Nigeria and integrate 'Student Loan' straight arsenic a outgo enactment connected their portals.

Speaking astatine a stakeholders’ engagement league and method store connected NELFUND System Automation and Loan Application Processes, held connected Tuesday successful Abuja, the Managing Director of NELFUND, Akintunde Sawyerr, noted that the projected integration would destruct respective bottlenecks successful the pupil indebtedness exertion process.

Students volition present beryllium capable to implicit their pupil indebtedness applications without stress. Photo credit: NELFUND
Source: Twitter

Sawyerr urged stakeholders and representatives from polytechnics, monotechnics, and institutes to collaborate with NELFUND and physique a strategy that the students can trust.

Recall that earlier delays successful indebtedness disbursement left galore students stranded.

Student loans to amended entree to education

Mr. Sawyerr explained that the occurrence of the pupil indebtedness strategy is captious for addressing the fiscal challenges that origin galore promising students to driblet retired of school.

He added that NELFUND is much than a pupil indebtedness scheme, arsenic it plays a cardinal relation successful ensuring a aboriginal wherever each young Nigerian has entree to acquisition careless of their background, the PUNCH reports.

His words;

“We’re not lone providing financing, we’re gathering a technology-driven strategy that makes it easier for students to apply, for institutions to verify, and for funds to beryllium disbursed with speed, fairness, and accountability.“We’re aiming for entree without stress, a level students tin usage with confidence; transparency and spot truthful that nary 1 is near wondering wherever their exertion stands; concern with intent due to the fact that your feedback, your data, and your practice are captious to making this work. We trust connected you arsenic our organization partners to assistance america bring this imaginativeness to life.”

NELFUND to summation backing figures

Supporting the MD’s statement, Iyal Mustapha, the Executive Director of Operations astatine NELFUND, explained that retired of 576,000 registrations connected the portal, lone 516,000 completed their applications.

Mustapha noted that this indicates bottlenecks that whitethorn person caused thousands of students to chopped their applications halfway.

With NELFUND integrated arsenic a outgo diagnostic consecutive from the institutions' portal, the spread would beryllium bridged.

NELFUND announces caller pupil indebtedness exertion cycle

NELFUND has announced the closure of the 2023/2024 student indebtedness application cycle.

NELFUND reiterated that the tuition fees would beryllium paid straight to the institutions portion the students get the monthly upkeep directly. Photo credit: NELFUND
Source: Twitter

The caller exertion rhythm for 2024/2025 has frankincense opened connected February 22, 2025, receiving applications from students crossed institutions.

NELFUND warns institutions against fraud

In related news, NELFUND has threatened legal action against institutions recovered to beryllium extorting students.

Legit.ng earlier reported that immoderate students were inactive being extorted by the institutions adjacent aft loans had been disbursed successful their names.

Findings revealed that the institutions were inactive hounding the students to wage tuition fees, aft NELFUND had disbursed said fees. For immoderate others, the institutions collected higher fees from NELFUND.

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Source: Legit.ng