Accra: The Students Loan Trust Fund (SLTF) has announced plans to fully digitalise its student loan application process starting from the 2026/2027 academic year. This transition will enable applicants to complete crucial stages of the application without the need to visit physical offices or banking halls.
According to Ghana Web, Dr Saajida Shiraz, the Executive Chief Executive Officer of the SLTF, shared this development during her welcome address at the 6th Association of African Higher Education Financing Agencies (AAHEFA) International Conference. The event took place at the La Palm Royal Beach Hotel in Accra. She explained that students would be able to verify their identities, open e-bank accounts, and sign loan agreements electronically from their homes.
The conference, hosted by the SLTF, centered around the theme 'Digital Transformation in Higher Education Financing: The Role of Technological Advancements in Ensuring Sustainable, Inclusive and Resilient Higher Education Financing Systems in Africa.' Dr Shiraz emphasized that the digitalisation effort would allow real-time identity verification through the National Identification Authority's database and institutional enrolment databases.
Additionally, students will have the opportunity to open e-bank accounts with GCB Bank and sign loan agreements electronically. Dr Shiraz also announced the introduction of a 24-hour artificial intelligence chatbot named SIKA, designed to assist students with queries. SIKA stands for Student Information and Knowledge Assistant and is intended to serve as the frontline service assistant for student inquiries.
Furthermore, Dr Shiraz revealed that the SLTF has integrated its systems with the Controller and Accountant-General's Department to enhance the sustainability of the student loan scheme. She noted that student loan repayments are now formally recognized as a statutory deduction. She advocated for the use of technology to create systems that are sustainable, inclusive, and resilient in higher education financing.
Dr Shiraz encouraged African higher education financing agencies to utilize the AAHEFA conference as an opportunity to share experiences, discuss challenges, and pinpoint practical areas for collaboration. She highlighted the importance of ensuring that financial constraints do not hinder capable young Africans from accessing higher education.
Speaking at the conference, Dr Clement Abas Apaak, Deputy Minister for Education and Member of Parliament for Builsa South, called for a fundamental transformation of higher education financing systems across Africa. He emphasized the need for young people to have access to quality education and the skills necessary for meaningful economic participation in the future.
Dr Apaak pointed out that Africa's youthful population presents a significant economic advantage but warned that this demographic dividend could become a major challenge if not accompanied by access to quality education and relevant skills. He urged stakeholders to view higher education financing as a strategic investment in Africa's future.
He acknowledged the increasing demand for higher education and the financial pressures faced by governments, universities, and families. He highlighted the need for financing systems to evolve alongside education systems, especially given the rapid technological changes reshaping the world of work.
The 6th AAHEFA International Conference has gathered higher education financing agencies and partners from across Africa to explore ways of enhancing tertiary education financing through technology and stronger institutional cooperation.