The Nigerian Education Loan Fund, NELFUND, and the National Identity Management Commission, NIMC, have signed a Memorandum of Understanding, MoU, to launch multi-purpose Government-to-People, G2P, biometric-enabled cards for students.
The agreement was formalized on Friday in Abuja by NELFUND’s Managing Director, Akintunde Sawyerr, NIMC’s Director-General, Engr. Abisoye Coker-Odusote, and Data Mining Company’s Managing Director, Femi Akande.
The G2P card is an initiative aimed at streamlining loan disbursement and enhancing financial accessibility for beneficiaries, a statement by the Fund said.
The NIN-enabled G2P card is designed to be payment-enabled, allowing students to receive and manage their loans without reliance on traditional banks. With POS, ATM, and web payment functionalities, the card streamlines access to funds and digital services.
Speaking at the signing ceremony, NELFUND’s Managing Director, Sawyerr, described the agreement as a significant milestone in promoting financial inclusion, transparency, and accountability in loan administration.
He emphasized that the initiative would provide Nigerian students with a biometric-enabled card that supports multiple digital wallets, simplifying the loan disbursement process.
Acknowledging NIMC’s vital role in the project, Sawyerr commended the commission for its identity verification services, which he said are critical to NELFUND’s operations.
“I’m impressed with the work NIMC is doing. Without NIMC, NELFUND literally cannot function,” he stated.
He also praised President Bola Tinubu for introducing socio-economic initiatives that are reshaping student welfare, noting that the Renewed Hope Agenda would bring long-term benefits to Nigerian students.
On her part, NIMC Director-General, Engr. Abisoye Coker-Odusote, highlighted the biometric-enabled G2P card as one of NIMC’s innovative solutions to enhance digital and financial inclusion. She explained that the card ensures that every student benefitting from government loans has a verifiable identity, promoting transparency and accountability in fund disbursement.
According to Coker-Odusote, the card supports multiple digital wallets, operates both online and offline, and is fortified with security features to prevent forgery.
“These biometric-enabled cards are unique in promoting digital and financial inclusion because of their advanced security layers. They ensure that students can easily access their funds, buy books, and make transfers without unnecessary banking delays,” she said.
She further emphasized that the system would enable efficient tracking of loan disbursements, ensuring that funds are used for their intended purposes while minimizing bureaucratic bottlenecks.
With this partnership, Nigerian students are set to benefit from a more efficient, transparent, and accessible loan administration system.
