NELFUND and NIMC Partner to Launch Biometric-Enabled Cards for Nigerian Students
The National Identity Management Commission (NIMC) has entered into a partnership with the Nigerian Education Loan Fund (NELFUND) to roll out multi-purpose Government-to-People (G2P) biometric-enabled cards, designed to enhance students’ access to loans and other administrative services.
MoU Signed by NELFUND and NIMC Officials
The Memorandum of Understanding (MoU) was signed on Friday at the NELFUND headquarters in Abuja by Akintunde Sawyerr, Managing Director of NELFUND; Engr. Abisoye Coker-Odusote, Director-General of NIMC; and Mr. Femi Akande, Managing Director of Data Mining Company.
Benefits of the Biometric-Enabled Cards
The National Identity Number (NIN)-enabled G2P card is a payment-enabled card that allows students to access loans directly, bypassing the need to wait for bank processing. The card can be used for various electronic services, including Point of Sale (POS), Automated Teller Machines (ATM), and online transactions.
Commitment to Financial Inclusion and Transparency
Akintunde Sawyerr, Managing Director of NELFUND, described the MoU as a groundbreaking initiative aimed at driving financial inclusion and promoting transparency and accountability in student loan disbursement. He emphasized the importance of the collaboration with NIMC in verifying students’ identities and facilitating seamless loan access.
Enhancing Digital and Financial Inclusion for Students
Engr. Abisoye Coker-Odusote, Director-General of NIMC, explained that the biometric-enabled cards would allow students to access multiple wallets for loans and other services. These cards will work both online and offline, ensuring ease of access to financial services for students across Nigeria. Additionally, the cards will help track loan disbursement, ensuring that the funds are used for their intended purposes.
Security and Ease of Access
Coker-Odusote highlighted the security features of the cards, which make them tamper-proof and difficult to forge. She added that the cards will provide students with easy access to allowances, enable purchases for books, and allow for transfers without needing to wait for traditional bank processing.
This collaboration is expected to revolutionize the way student loans are managed in Nigeria, ensuring greater accountability and transparency while fostering financial inclusion for students nationwide.
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