NELFUND resolves BVN issue, clears path for students to access loans smoothly

The Nigerian Education Loan Fund (NELFUND) has successfully addressed the BVN (Bank Verification Number) verification problem that temporarily hindered students’ loan applications, assuring a seamless process moving forward.

The glitch, which affected many students over the weekend and during the public holiday, caused brief delays in applications. However, NELFUND has now confirmed via its official X (formerly Twitter) account on Wednesday that the issue was fully resolved by Tuesday morning.

In the statement, NELFUND encouraged students who experienced difficulties to return to the portal, complete their BVN verification, and proceed with their loan applications without further interruption.

“Dear Students, we are pleased to inform you that the issue has been addressed and fully resolved as of yesterday morning. Kindly log back into the portal, complete the BVN verification process, and continue with your loan application,” the statement read.

The organisation expressed gratitude to applicants for their patience and reaffirmed its commitment to providing a smooth and efficient application process.

What you should know

NELFUND plays a pivotal role in ensuring financial access to education for Nigerian students, with the 2024 Student Loan Act aimed at removing economic barriers to higher education.

The fund receives its primary resources from a 1% allocation of revenues collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, alongside contributions from taxes and levies.

In a bid to enhance the student loan programme, President Bola Tinubu in August directed the transfer of N50 billion in recovered funds from the Economic and Financial Crimes Commission (EFCC) to NELFUND.

Since then, over N4.6 billion has been disbursed to students across 59 tertiary institutions, including N2.5 billion in August and an additional N2.1 billion earlier this month. Furthermore, 20,371 students from six institutions successfully received N20,000 monthly stipends for July.

This continuous support highlights NELFUND’s dedication to providing financial assistance and fostering equitable access to education for students nationwide.