The National Identity Management Commission (NIMC) and Nigerian Education Loan Fund (NELFUND) have signed a Memorandum of Understanding (MoU) to roll out multi-purpose Government-to-People (G2P) cards aimed at enhancing students’ access to loans and other government services.
The agreement was signed on Friday at the NELFUND headquarters in Abuja by the Managing Director of NELFUND, Akintunde Sawyerr; Director-General of NIMC, Engr. Abisoye Coker-Odusote; and Managing Director of Data Mining Company, Mr. Femi Akande.
The NIN-enabled G2P card, which is payment-enabled, will allow students to receive their upkeep loans directly without relying on banks. The card can be used for electronic services including Point of Sale (POS) transactions, Automated Teller Machines (ATM), and web payments.
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Speaking during the event, NELFUND Managing Director, Akintunde Sawyerr, said the initiative would drive financial inclusion, promote transparency, and ease the administration of student loans.
He noted that the biometric-enabled card would allow students to access loans seamlessly through multiple wallets, adding that the project would be managed with the support of critical stakeholders.
Sawyerr commended NIMC for its role in providing essential identity verification services, describing the commission’s support as pivotal to NELFUND’s operations.
“I’m impressed with the work NIMC is doing. Without NIMC, NELFUND literally cannot function,” he said.
He also lauded President Bola Tinubu for introducing socio-economic programmes under the Renewed Hope Agenda, which he said would positively impact Nigerian students.
In her remarks, the NIMC Director-General, Engr. Abisoye Coker-Odusote, described the biometric-enabled G2P cards as a tool to promote digital and financial inclusion.
She explained that the cards would not only provide seamless access to loans but also ensure proper tracking of disbursed funds, promoting transparency and accountability.
“The biometric-enabled cards are unique in promoting digital and financial inclusion because of the layers of features in them. They cannot be forged or faked. The cards operate online and offline, allowing students to access their allowances, buy books, and make transfers without delays,” Coker-Odusote said.
The new initiative is expected to transform the student loan administration system, ensuring timely disbursement and proper utilization of funds.