Student loan disbursement delay ends as NELFUND begins payments to over 3,600 students who updated digital wallets to commercial bank accounts

Student loan disbursement delay has finally been addressed by the Nigerian Education Loan Fund (NELFUND), which on Friday announced the release of backlog payments to students who updated their bank details.

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Over 3,600 student beneficiaries have now received their outstanding upkeep funds after switching from digital-only wallets to traditional commercial bank accounts on the official NELFUND portal.

The update was conveyed in a statement by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, who described the move as a milestone in the organisation’s efforts to improve payment efficiency.

“Over 3,600 students who previously registered with digital-only banking platforms have now successfully received their backlog of upkeep payments after updating their details to conventional commercial bank accounts on the NELFUND portal,” Oluwatuyi said.

He added, “We appreciate the patience and understanding of all affected students during this period. Your resilience and cooperation have made this progress possible.”

Oluwatuyi explained that this update comes after persistent delays experienced by students using digital wallets, which have now been resolved through the transition to commercial banking systems.

Your resilience and cooperation have made this progress possible.

Students who are yet to receive their upkeep funds and are still using digital wallets have been advised to raise a support ticket on the NELFUND portal to gain access for updating their banking information.

Alternatively, institutions may facilitate the process through their respective IT departments by compiling affected student data and forwarding cases directly to NELFUND for swift resolution.

The Fund also reiterated its commitment to ensuring inclusivity and transparency in its operations.

“NELFUND remains committed to ensuring that no eligible student is left behind. This resolution process is part of our broader effort to enhance the efficiency, transparency, and student-centred delivery of our support services,” the statement noted.

Students are further urged to use only official communication channels and help fellow students who may require guidance in updating their details.

“Once again, we thank you for your patience and support as we continue working to deliver a more inclusive and reliable student loan,” Oluwatuyi concluded.

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The move marks a pivotal shift in Nigeria’s student loan administration and is expected to restore confidence in the system.