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

The Managing Director of the Nigerian Education Loan Fund, NELFUND, Akintunde Sawyerr, has defined how the company’s newly launched tokenised cost system will change the best way Nigerian college students pay their college charges.

Speaking throughout a briefing with journalists on Wednesday, Sawyerr mentioned the initiative was designed to forestall double funds of college charges by college students and tackle problems related to refunds.

He disclosed that almost 400,000 purposes had been acquired underneath the continued course of.

According to him, the brand new system will allow college students to provoke funds on to their respective establishments by tokens linked to their colleges.

Sawyerr defined that college students would use a cell software to authorise the switch of permitted mortgage funds on to their establishments, eliminating the necessity for the cash to cross by their private financial institution accounts.

“We discovered that there were some issues with students being informed in good time that their payments had been made by NELFUND, which meant that some of them would pay because they hadn’t realised that NELFUND had paid already,” he mentioned.

DAILY POST studies that NELFUND has disbursed no less than ₦372.62 billion for the reason that launch of its scholar mortgage software portal in 2024.

The loans cowl tuition charges and maintenance allowances for eligible college students.