The Nigerian Education Loan Fund (NELFUND) has received continental recognition from the Association of African Higher Education Financing Agencies (AAHEFA) for its growing role in expanding access to higher education financing in Nigeria.
NELFUND received a Certificate of Observership following its participation in the sixth International Conference and Annual General Meeting of AAHEFA in Accra, Ghana, where representatives of education financing agencies from 18 African countries discussed the use of technology to improve student financing systems.
The conference was held under the theme, “Digital Transformation in Higher Education Financing: The Role of Technology Advancements in Ensuring Sustainable, Inclusive and Resilient Higher Education Financing Systems in Africa.”
NELFUND representatives, Monalisa Dike and Stephanie Abughdyer, presented Nigeria’s experience during country presentations at the meeting, contributing to discussions on emerging challenges, digital innovation and sustainable approaches to financing higher education.
The Certificate of Observership was presented to NELFUND Managing Director and Chief Executive, Akintunde Sawyerr.
Sawyerr described the recognition as a significant milestone for the Fund, saying the platform would strengthen NELFUND’s engagement with higher education financing agencies across Africa while creating opportunities for the exchange of knowledge and experience.
The continental recognition comes as NELFUND continues to expand its student financing operations in Nigeria, with the Fund reporting that it had disbursed ₦322.69 billion as of August 8, 2026.
According to the figures, ₦192.89 billion had been paid directly to 319 beneficiary institutions as institutional fees, while ₦129.80 billion had been released to students as upkeep allowances.
NELFUND also said it had processed 1,659,853 applications since the launch of its Student Loan Portal in May 2024, highlighting the scale of demand for financial support among students seeking higher education.
The Fund was established under the Students Loans (Access to Higher Education) Act, 2024, with the mandate of providing financing to eligible students and supporting access to tertiary education.
NELFUND has relied heavily on a digital application and verification system to manage applications and disbursements, allowing students to apply for institutional fees and upkeep support through a centralised platform.
The Fund has also indicated plans to expand the reach of its financing programme beyond its current beneficiaries. It has engaged the National Assembly over proposals that could increase the number of Nigerians benefiting from education financing to as many as seven million.
The proposed expansion could also cover skills acquisition, technical education and Technical and Vocational Education and Training (TVET), broadening the Fund’s role beyond conventional university and tertiary student loans.
NELFUND is also required to operate a repayment system to sustain the loan scheme. Beneficiaries are expected to repay their loans when they become due, with repayment for beneficiaries who participate in the National Youth Service Corps expected to begin two years after completion of their programmes.
The Fund said its participation in the AAHEFA conference would provide opportunities to exchange knowledge with sister agencies and deepen partnerships around the use of technology, data and digital platforms to improve higher education financing.
The recognition also comes as African countries continue to explore ways of making student financing systems more inclusive, sustainable and resilient amid rising education costs and growing demand for tertiary education.
NELFUND said its engagement with AAHEFA underscored its commitment to building a financing system that improves access for Nigerian students while strengthening transparency, sustainability and institutional collaboration in the management of education financing.
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