The Nigerian Education Loan Fund (NELFUND) is aiming to have 1.2 million students enrolled in its loan scheme by 2025, according to the Fund’s Managing Director, Akintunde Sawyerr. Speaking as a guest on Channels Television’s Politics Today, Sawyerr emphasized that the target would primarily focus on students from government-owned tertiary institutions.
“We plan to have at least 1.2 million students benefiting from the loan scheme by 2025, covering the majority of those in publicly owned universities and other tertiary institutions,” said Sawyerr.
Currently, NELFUND disburses a N20,000 stipend to students, though Sawyerr hinted that this amount could be increased in the coming year. To date, 94,000 students have benefitted from the scheme, with around N23 billion already disbursed. The number of daily beneficiaries continues to grow by approximately 1,500 students.
NELFUND is primarily funded by the Federal Inland Revenue Service (FIRS), with additional support from the Tertiary Education Trust Fund (TETFUND). Sawyerr assured that the scheme is not facing any funding issues, revealing that the fund currently holds over N130 billion, with more funds expected in the near future.
“FIRS remains our main funder, and we have a solid understanding with them. We’ve also received support from TETFUND, ensuring the scheme’s success,” he said.
The loan scheme has been more popular in Nigeria’s northern region, but Sawyerr noted an increase in applications from the southern parts of the country, especially the South-East and South-South, following heightened awareness campaigns.
SEC to Roll Out Guidelines for Fintech in 2025 — Agama
By Ginika Okoye | News Express | 24th Dec 2024
The Securities and Exchange Commission (SEC) has announced plans to introduce regulations for the fintech sector in Nigeria by 2025.
In a statement made on Monday in Abuja, the Director-General of SEC, Dr. Emomotimi Agama, emphasized the commission’s commitment to maintaining transparency and integrity in regulating the fintech space.
Dr. Agama assured stakeholders that SEC had provided an equitable platform for all applicants in the fintech sector, adding that the regulatory body aims to make Nigeria a standout player in the global fintech landscape.
“We are striving to ensure that, by the end of the day, Nigeria will be a leader in the regulation of this sector. In the coming year, we will accelerate our efforts, having learned valuable lessons from this process,” Agama stated.
He also revealed that a new law, which is currently awaiting Presidential assent, will play a crucial role in guiding the fintech sector. The law is designed to address the legal requirements necessary to regulate the industry and protect both operators and investors.
“Beyond any doubt, this space is the future, and as Nigerians, we have embraced it,” Agama declared.
The SEC boss highlighted the complexity of the registration process in the fintech space, noting that it is essential for proper regulation. He explained that the process would involve continuous monitoring, education, and surveillance.
“This journey is unprecedented for us, and while we may encounter challenges, we are confident that every challenge is solvable,” Agama concluded.
