Education
NELFUND introduces token system to block double payment of school feesBy Oreva BenedictOctober 28, 2026
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The Nigerian Education Loan Fund (NELFUND) has introduced a tokenised payment system.
This aims to prevent students from paying their school fees twice and to eliminate refund complications.
Nearly 400,000 applications have already been received under the ongoing process.
NELFUND Managing Director Akintunde Sawyerr disclosed this on Wednesday during a press briefing, explaining that the new arrangement would let students initiate payments directly to their institutions through tokens linked to their schools.
Under the proposed system, students would use an application on their phones to authorise payments from their approved loan funds to their institutions, rather than receiving the money in their personal bank accounts.
Sawyerr said the change was intended to address situations in which students paid their fees without knowing that NELFUND had already transferred the money to their institutions.
He explained that delays in notifying students about payments made by the fund had resulted in some beneficiaries making duplicate payments, creating the need for refunds.
“We discovered that there were some issues with students being informed in good time that their payments had been made by NELFUND, which meant that some of them would pay because they hadn’t realised that NELFUND had paid already,” he said.
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