What NELFUND’s new token system means for Nigerian students – Sawyerr

The Managing Director of the Nigerian Education Loan Fund, NELFUND, Akintunde Sawyerr, has explained however the agency’s recently introduced tokenised outgo strategy volition alteration the mode Nigerian students wage their schoolhouse fees.

Speaking during a briefing with journalists connected Wednesday, Sawyerr said the inaugural was designed to forestall treble payments of schoolhouse fees by students and code complications associated with refunds.

He disclosed that astir 400,000 applications had been received nether the ongoing process.

According to him, the caller strategy volition alteration students to initiate payments straight to their respective institutions done tokens linked to their schools.

Sawyerr explained that students would usage a mobile exertion to authorise the transportation of approved indebtedness funds straight to their institutions, eliminating the request for the wealth to walk done their idiosyncratic slope accounts.

“We discovered that determination were immoderate issues with students being informed successful bully clip that their payments had been made by NELFUND, which meant that immoderate of them would wage due to the fact that they hadn’t realised that NELFUND had paid already,” helium said.

DAILY POST reports that NELFUND has disbursed astatine slightest ₦372.62 cardinal since the motorboat of its pupil indebtedness exertion portal successful 2024.

The loans screen tuition fees and upkeep allowances for eligible students.

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