NELFUND launches token system to tackle duplicate school fee payments

The Nigerian Education Loan Fund (NELFUND) has introduced a tokenised payment system to prevent students from paying school fees already covered by government loans.

According to TheCable, NELFUND Managing Director Akintunde Sawyerr announced the initiative during a press conference in Abuja on Wednesday.

Under the arrangement, students will receive notifications and authorise tuition payments directly to their institutions through a mobile application.

Sawyerr explained that delayed payment notifications had caused some students to pay fees already settled by NELFUND, resulting in refund complications.

“We want to eliminate that need for refunds. So we’re placing the power of payment in the hands of the students.”

He clarified that beneficiaries would not receive the money directly or transfer it into personal accounts.

“We’re not giving the students money, but we’re giving them power,” he said.

NELFUND also warned students against collecting loans while allowing their parents to pay the same fees.