NELFUND introduces mobile token payment system

Newspapers report that NELFUND has launched a new mobile token system to manage student loan payments. We have not yet seen an official notice from NELFUND.

Nearly 400,000 loan applications have been received under the ongoing NELFUND process. Managing Director Akintunde Sawyerr said the system lets students pay directly to institutions using school-linked tokens. Beneficiaries will receive mobile notifications when approved institutional charges are ready for payment.

Payments will be sent straight to designated institutions, not to students’ personal bank accounts. The system will restrict beneficiaries from redirecting the transferred funds elsewhere. Sawyerr explained duplicate payments occurred when students paid fees unaware NELFUND had already paid the school. He explained that NELFUND made a payment to a school on Monday, a student then made a duplicate payment on Wednesday, and the mistake was noticed on Friday.

The token system aims to eliminate refund needs by giving students control over approved fee payments via a mobile app.