Over 3,600 students now paid as agency urges others on digital wallets to update accounts.
Disbursement fixes continue as NELFUND assures commitment to reaching all eligible beneficiaries.
The Nigerian Education Loan Fund (NELFUND) has resumed disbursement of upkeep allowances to over 3,600 student beneficiaries who recently updated their bank account details from digital wallets to traditional commercial bank accounts.
This update was disclosed on Thursday, July 11, 2025, by Mrs. Oseyemi Olutayoyi, Director of Strategic Communications at NELFUND. The move marks a significant step in clearing payment backlogs that had affected students who initially registered using digital-only banking platforms.
According to the statement, the successful transfer of funds to the affected students reflects the agency’s ongoing efforts to resolve technical hitches in its disbursement process.
“Over 3,600 students who previously registered with digital-only banking platforms have now successfully received their backlog of upkeep payments after updating their details to conventional commercial bank accounts on the NELFUND portal,” the statement read.
NELFUND has urged students who are still awaiting their upkeep payments to update their banking information promptly. Those using digital wallet accounts have been advised to raise a support ticket on the official NELFUND portal in order to access the update option.
In addition, the agency noted that students who encounter challenges while using the portal may also contact the IT departments of their respective institutions for further assistance.
“Students who are yet to receive their upkeep payments and are still using digital wallet accounts are advised to raise a support ticket via the official NELFUND portal to request access for updating their bank details,” NELFUND advised.
The student loan scheme, managed by NELFUND, was launched to support Nigerian undergraduates with financial assistance covering tuition and upkeep costs. As of June 2025, over 366,000 students have reportedly received more than ₦73.1 billion in loan disbursements under the initiative.
Despite its successes, the program has faced challenges ranging from impersonation scams to disbursement delays, particularly for students using fintech banking services. In early July, NELFUND warned the public against 21 fake Facebook pages falsely representing the fund, reiterating that all updates should be accessed through its official online platforms.
NELFUND has also published data on the states with the highest student loan applications, showing growing interest and participation across the country.
