NELFUND Resolves BVN Verification Glitch; Urges Students to Reapply for Loans

The Nigerian Education Loan Fund (NELFUND) has resolved a BVN verification issue that disrupted student loan applications over the weekend and public holiday. Students are now advised to re-enter the portal, complete their BVN verification, and continue their loan applications.

Sep 18, 2024 - 14:53

NELFUND Resolves BVN Verification Glitch; Urges Students to Reapply for Loans

The Nigerian Education Loan Fund (NELFUND) has resolved a technical issue that disrupted the BVN (Bank Verification Number) verification process for student loan applicants. This glitch, which began over the weekend and extended through the public holiday, caused delays for many applicants.

In a recent update posted on NELFUND's official X (formerly Twitter) account, the organization confirmed that the BVN verification issue was fully addressed by Tuesday morning. NELFUND has advised all affected students to log back into the portal to complete their BVN verification and continue their loan applications.

Key Details:

Issue Resolved: The BVN verification glitch that affected student loan applications has been fixed as of Tuesday morning.
Action Required: Affected students should log back into the NELFUND portal to complete their BVN verification and proceed with their loan applications.
NELFUND's Assurance: The organization thanked students for their patience and assured that the application process will now proceed without further disruptions.

The revised Student Loan Act of 2024 aims to remove financial barriers and enhance educational accessibility for Nigerian students. NELFUND is primarily funded through a 1% allocation from the total revenues collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service.

In August, President Bola Tinubu directed the Economic and Financial Crimes Commission (EFCC) to transfer N50 billion in recovered funds to NELFUND to strengthen the student loan program.

Since the rollout of the fund disbursement, 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 in early September. Additionally, NELFUND has started distributing N20,000 monthly stipends to beneficiaries, with 20,371 students from six tertiary institutions receiving their July payments.

Top States with Highest NELFUND Loan Applicants: