Michael Olugbode in Abuja
National Identity Management Commission (NIMC), Nigeria Education Loan Fund (NELFUND), and Data Mining Company have signed a Memorandum of Understanding (MOU) aimed at facilitating seamless access to education loans by students using biometric-enabled cards.
The MOU was signed at the weekend in Abuja at the headquarters of NELFUND by Director-General of NIMC, Engineer Abisoye Coker-Odusote; Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr; and Managing Director of Data Mining Company, Mr Femi Akande.
Sawyerr described the signing of the MOU as a ground-breaking event to drive financial inclusion, and promote transparency and accountability in the deployment of Government to People Service Card (G2PS-card).
He said the agreement would open a new vista for Nigerian students to access loans with multiple wallets facilitated by biometric-enabled cards from NIMC.
The NELFUND boss commended President Bola Tinubu for rolling out socio-economic programmes to change the narrative for Nigerian students. He said the Renewed Hope Agenda of the Tinubu administration would have far-reaching positive effects on Nigerian students.
Coker-Odusote said the biometric-enabled cards were part of the products from NIMC meant to drive digital and financial inclusion, as well as ensure that every beneficiary of government services had verifiable identity.
She explained that the biometric-enabled cards had multiple wallets for students and could be used online and offline to access loans and other services.
According to her, the cards would also make it possible to track loans disbursement and ensure they are used for the purposes intended.
The NIMC CEO added that the card would also promote transparency and accountability, while eliminating unnecessary bureaucracy.
She said, “The biometric-enabled card is unique in promoting digital and financial inclusion because of the layers of features in them. They cannot be forged or faked.
“They have features that make cash available in students’ wallets. The students can easily access their allowances, buy books, and make transfers without waiting for banks.
“The cards operate online and offline.”