Abuja, Nigeria – In a significant move aimed at improving access to education loans for Nigerian students, the National Identity Management Commission (NIMC), Nigeria Education Loan Fund (NELFUND), and Data Mining Company have signed a Memorandum of Understanding (MoU) to introduce biometric-enabled cards for seamless loan access.
The MoU was signed over the weekend at NELFUND’s headquarters in Abuja by the Director-General of NIMC, Engineer Abisoye Coker-Odusote; Managing Director and CEO of NELFUND, Mr. Akintunde Sawyerr; and Managing Director of Data Mining Company, Mr. Femi Akande.
Speaking at the signing ceremony, Sawyerr hailed the partnership as a groundbreaking initiative designed to enhance financial inclusion and ensure transparency in the implementation of the Government to People Service Card (G2PS-card).
“This agreement will open a new chapter for Nigerian students, enabling them to access education loans through biometric-enabled cards developed in collaboration with NIMC,” Sawyerr said. He lauded President Bola Tinubu for introducing socio-economic reforms aimed at improving students’ welfare under his Renewed Hope Agenda.
NIMC’s Director-General, Coker-Odusote, highlighted that the biometric-enabled cards are part of NIMC’s efforts to enhance digital and financial inclusion. According to her, the cards will serve as a secure means for students to access government services and track loan disbursement.
“The biometric-enabled card is unique in promoting digital and financial inclusion due to its multi-layered security features,” Coker-Odusote said. “These cards cannot be forged or faked, and they ensure that funds are utilized for their intended purposes.”
She further explained that the cards feature multiple wallets, enabling students to access their allowances, purchase educational materials, and make transfers without relying on banks. Notably, the cards are designed to function both online and offline, ensuring seamless transactions in diverse environments.
The collaboration among NIMC, NELFUND, and Data Mining Company is expected to significantly improve the efficiency of student loan disbursement while reducing bureaucratic delays and promoting accountability in the education sector.