NELFUND Introduces Tokenised Payments, To Stop Double School Fees, Refund Hassles

The Nigerian Education Loan Fund (NELFUND) has commenced a pilot scheme for a tokenised payment system aimed at preventing students from paying their school fees twice and eliminating complications associated with refunds.
The fund’s Managing Director, Akintunde Sawyerr, disclosed this on Wednesday during a press briefing, revealing that nearly 400,000 applications had been received under the ongoing process.
Sawyerr explained that the proposed system would allow students to authorise the payment of their approved institutional fees directly to their schools through tokens linked to the respective institutions.
Under the arrangement, beneficiaries would use a mobile application to i...