The Nigerian Education Loan Fund (NELFUND) and the National Identity Management Commission (NIMC) have signed a Memorandum of Understanding (MoU) to introduce multi-purpose Government-to-People (G2P) cards for students, aimed at enhancing access to education loans and financial services.
The signing ceremony took place in Abuja, where NELFUND Managing Director, Mr. Akintunde Sawyerr, described the initiative as a major step toward financial inclusion, transparency, and accountability in loan disbursement. He emphasized that the biometric-enabled cards would enable seamless access to student loans through multiple wallets, eliminating unnecessary bottlenecks.
How the G2P Cards Work
Speaking on the initiative, NIMC Director-General, Mr. Abisoye Coker-Odusote, stated that the biometric-enabled cards would serve as a secure and verifiable identity tool for students benefiting from government services.
She highlighted several key features of the G2P cards, including:
- Multiple Wallets – Allowing students to access funds and manage payments seamlessly.
- Online & Offline Functionality – Ensuring accessibility even in areas with limited internet connectivity.
- Cashless Transactions – Enabling students to pay for books, receive allowances, and transfer funds without depending on banks.
- Enhanced Security – The cards are tamper-proof, preventing forgery and fraud.
Improved Loan Disbursement & Financial Access
The National Identity Number (NIN)-enabled G2P card will serve as a payment-enabled solution, allowing students to withdraw upkeep loans directly, access financial services, and make payments via:
- Point of Sale (POS) terminals
- Automated Teller Machines (ATMs)
- Web-based transactions
Coker-Odusote emphasized that the initiative will eliminate bureaucracy, ensuring that student loans are disbursed transparently and used for their intended purposes.
This development is expected to revolutionize student loan administration in Nigeria, bridging the financial gap for students and promoting digital and financial inclusion.
