- The Nigerian Education Loan Fund (NELFUND) and the National Identity Management Commission (NIMC) have signed a MoU to introduce multi-purpose biometric student cards
- The cards allow students to access loans directly and perform various electronic transactions
- The initiative aims to drive financial inclusion and promote transparency and accountability in loan administration
In a major step toward improving financial access for students, the Nigerian Education Loan Fund (NELFUND) and the National Identity Management Commission (NIMC) have signed a Memorandum of Understanding (MoU) to introduce a multi-purpose biometric student card.
The innovative Government-to-People (G2P) card, which integrates the National Identity Number (NIN), will allow students to receive and manage their loans seamlessly.
The signing ceremony took place at NELFUND headquarters in Abuja on Friday, March 7, with Akintunde Sawyerr, Managing Director of NELFUND, and Engr. Abisoye Coker-Odusote, Director-General of NIMC, formalising the partnership.
Femi Akande, Managing Director of Data Mining Company, was also present at the event.
The NIN-enabled biometric G2P card is designed to streamline loan disbursement and enhance financial inclusion for students.
Unlike traditional loan disbursement methods that rely heavily on banks, this payment-enabled card will allow students to receive funds directly and make transactions via ATMs, POS machines, and online payment platforms.
Speaking at the event, NELFUND MD Akintunde Sawyerr described the partnership as a groundbreaking initiative that would enhance transparency and accountability in student loan disbursement.
He highlighted the critical role NIMC plays in identity verification, which ensures that only eligible students can access the loan facility.
“I’m highly impressed with the work NIMC is doing. Without NIMC, NELFUND cannot function efficiently,” Sawyerr said, emphasising the seamless integration of identity management and financial services.
He also commended President Bola Tinubu for implementing student-friendly socio-economic programmes under the Renewed Hope Agenda, which he believes will positively impact Nigerian students by making education financing more accessible.
In her remarks, NIMC DG Engr. Abisoye Coker-Odusote explained that the biometric-enabled cards are designed to foster digital and financial inclusion, ensuring that loan beneficiaries have verifiable identities.
According to her, the cards come with multiple wallets and can function both online and offline, allowing students to access their funds without unnecessary delays.
The feature is expected to reduce bureaucratic bottlenecks in loan disbursement and ensure that funds are used for their intended purposes.
“These cards are unique in promoting transparency because they have layers of security features, making them impossible to forge or manipulate,” Coker-Odusote stated.
She further explained that students will be able to receive their allowances, purchase books, and make essential transactions without waiting for bank processes.
N32bn not N104bn, NELFUND clarifies disbursement figures
Meanwhile, TheRadar earlier reported that the Nigerian Education Loan Fund (NELFUND) issued a statement clarifying that it has disbursed a total of N32.89 billion, rather than the previously reported N104 billion, under its student loan scheme.
The clarification came in response to a published statement from the presidency that over N104 billion had been distributed to 600 beneficiaries.
