The Nigerian Employment and Labour Financing Programme (NELFUND) has announced the full digitisation of its loan application process, aiming to streamline access to funding for small and medium enterprises (SMEs) and reduce bureaucratic delays.
According to a statement released by NELFUND’s management on Tuesday, applicants can now complete the entire loan application online through a user-friendly portal, eliminating the need for physical paperwork and in-person visits.
“This digital transformation is part of our commitment to enhance service delivery, increase transparency, and reach more entrepreneurs across Nigeria,” said NELFUND Executive Director, Mrs. Chioma Okafor.
The new platform features automated eligibility checks, real-time application tracking, and faster loan disbursement timelines. NELFUND expects this innovation to significantly reduce processing time from weeks to just days.
Small business owners and start-ups stand to benefit immensely as the digitised process also integrates advisory services and financial literacy resources, designed to empower borrowers with the knowledge to manage loans effectively.
NELFUND operates under the Ministry of Labour and Employment, providing affordable loans to youth and women entrepreneurs as part of the federal government’s economic empowerment agenda.
Stakeholders have welcomed the move, citing improved access to finance as critical to Nigeria’s economic growth and job creation efforts.
The digitisation aligns with Nigeria’s broader push toward e-governance and digital economy initiatives aimed at reducing corruption and improving public sector efficiency.
