25% of NELFUND Applicants Use Loan Apps, Says Official

Dr. Ahm Popoola, the CEO of CRC Credit Bureau, disclosed that at least 25% of applicants for the Nigerian Education Loan Fund (NELFUND) have utilized digital loan platforms at least once in the past two years.

This data was submitted to the CRC Bureau for verification and analysis. The announcement was made during a collaborative lecture at the Faculty of Management and Social Sciences at Kwara State University, focusing on financial entrepreneurship and infrastructure.

Popoola emphasized the substantial funding gap in entrepreneurship within Nigeria, noting that only 13% of businesses are registered with access to credit. Despite various government interventions aimed at supporting small and medium enterprises (SMEs), only two million out of 60 million Nigerian businesses can access these loans.

The situation has forced many businesses to seek alternative credit sources. Popoola also mentioned an upcoming application in collaboration with MTN that will monitor phone usage to determine creditworthiness.