NELFUND Introduces Token System to Prevent Double Payment of School Fees

The Nigerian Education Loan Fund has introduced a token-based payment system to stop students from paying school fees twice and facing delays in getting refunds. NELFUND Managing Director Akintunde Sawyerr said nearly 400,000 applications have been received so far. Under the proposed arrangement, students will use a phone application to authorise payment from their approved loan funds directly to their institutions. The system is designed to ensure students are notified before payments are made. It addresses cases where beneficiaries paid their fees because they did not know NELFUND had already sent the money to their schools.

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