Nigeria, Oct. 28 -- The Nigerian Education Loan Fund (NELFUND) has commenced a pilot of a tokenised payment system aimed at preventing students from paying their school fees twice and eliminating refund complications.

The fund's Managing Director, Akintunde Sawyerr, disclosed this on Wednesday during a press briefing, adding that nearly 400,000 applications had been received under the ongoing process.

Sawyerr said the proposed system would allow students to initiate payments directly to their institutions through tokens linked to their respective schools, rather than receiving institutional loan funds in their personal bank accounts.

He explained that the initiative was designed to address cases in which students paid their fees witho...