NELFUND resolves BVN verification glitch, urges students to resume loan applications

The Nigerian Education Loan Fund (NELFUND) has resolved a technical issue that disrupted the Bank Verification Number (BVN) verification process for student loan applications.

The glitch, which started over the weekend and extended through the public holiday, caused significant delays for many applicants.

NELFUND announced on its official X (formerly Twitter) account that the problem was fully addressed by Tuesday morning. The organization has urged all affected students to log back into the portal, complete their BVN verification, and continue with their loan applications.

“Dear Students, we have resolved the BVN verification issues that occurred over the weekend and the public holiday. Please log back into the portal to complete the verification process and proceed with your application,” NELFUND stated.

The disruption had raised concerns among students applying for loans under the revised Student Loan Act of 2024, which aims to remove financial barriers and make education more accessible across Nigeria.

NELFUND, primarily funded by a 1% allocation from federal revenue sources, has been a critical player in supporting students financially.

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President Bola Tinubu recently strengthened the student loan program by directing the Economic and Financial Crimes Commission (EFCC) to transfer N50 billion in recovered funds to NELFUND. This move is expected to enhance the program’s capacity to support students.

Since the rollout of the loan disbursements, NELFUND has allocated N4.6 billion in tuition support to students across 59 approved tertiary institutions. This includes N2.5 billion distributed in August and an additional N2.1 billion disbursed to 40 institutions in September.

Additionally, in August, NELFUND began providing N20,000 monthly stipends to beneficiaries, with 20,371 students from six institutions receiving their payments for July.

NELFUND has expressed gratitude to students for their patience during the technical disruption and reassured them that the loan application process is now functioning smoothly.