The Nigerian Education Loan Fund (NELFUND) has resolved a technical glitch that had hindered students from completing their Bank Verification Number (BVN) verification while applying for loans

 The Nigerian Education Loan Fund (NELFUND) has resolved a technical glitch that had hindered students from completing their Bank Verification Number (BVN) verification while applying for loans. The issue, which occurred over the weekend and during a public holiday, caused delays for several applicants.

In an official statement on NELFUND’s X (formerly Twitter) account, the organization confirmed that the problem had been fixed by Tuesday morning. Students affected by the glitch were advised to return to the portal, finalize their BVN verification, and continue with their loan applications.

"Dear Students,

We are aware that many of you faced difficulties with BVN verification while applying for student loans over the weekend, including the public holiday.

We are happy to report that the issue has been fully resolved as of yesterday morning.

We kindly ask all affected students to log back in, complete the BVN verification, and proceed with the loan application process," the statement read.

NELFUND also expressed appreciation for students' patience during the disruption and assured them that the application process would now continue without further interruptions.

Important Information

The amended Student Loan Act of 2024 aims to break down financial barriers and enhance educational access for Nigerian students, regardless of their financial situation.

NELFUND is primarily funded by a 1% allocation from the revenues generated by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service through taxes, levies, and duties.

In August, President Bola Tinubu revealed that the Economic and Financial Crimes Commission (EFCC) had transferred N50 billion in recovered funds to NELFUND as part of efforts to bolster the student loan program.

Students from across Nigeria have applied for NELFUND loans, with the top 10 states in terms of applications being, in ascending order: Taraba, Yobe, Adamawa, Oyo, Plateau, Kaduna, Katsina, Benue, Borno, and Kano, which had the most applicants.

Since the loan program’s launch, NELFUND has distributed N4.6 billion to students in 59 accredited tertiary institutions nationwide. This includes N2.5 billion disbursed in August and another N2.1 billion allocated to students in 40 institutions earlier in September.

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