- Periodic tuition fee payment is an inconvenient and a hassle most parents/students/stakeholders face. Going all the way to school to get it done is definitely a pain. There is always the fear of missing out or surpassing the deadline. Students or parents need to say long in queues carrying cash when they use traditional way of fee payments.
- Academic institutions also face huge burden of manual collection, the risks and efforts associated during the course of transportation and deposit of cash to the banks.
- Thus, Awash School/tuition fee collection service is designed to resolve the forth mentioned gaps;
- It is an innovative payment solution is designed to;
- offer an easy way to collect tuition fees for school and colleges/universities and,
- Provide parents and students a wide range of payment options, ensuring the payment of the fees timely, efficiently and conveniently.
2. Nature of Tuition/School Fee Collection Services
- The service is designed to enhance a smooth collection of fees for private and government schools, Colleges and universities.
- Channels such as branch, mobile, internet banking and POS Merchant terminals can be used
- Basic input information is received from users based on which the Bank processes the required payment.
- The educational institution shall provide all the pertinent information to both the student and the Bank
- Beneficiaries (tuition fee collecting academic institutions) shall have account opened for such purposes. This account shall be a non interest bearing account
- The payer may or may not have an account with the Bank
- Payment of Fees can be made at any branch of the Bank either by cash or account transfer.
3. Mode of Tuition Fee Payment for Customers
- Customers are free to choose any one of the following payment options:
- Cash Payment Option/ Branch Facility
- Digital payment channels of the Bank
- Internet Banking
- Mobile banking and M-wallet
- Merchant POS terminal (maintained with an institution)
- Direct Debit and standing Instructions/orders
4. Benefits of Tuition Fee Collection Services
4.1. Benefit to the Payee (Academic Institution )
- It helps to use more effective, standardized, low-cost collection and better report solutions.
- Highly reduces a huge burden of manual collection and the risks associated with it.
- Reduces back-office burden like cash collection, receipt printing, cash counting reconciliation & preparing reports.
- Save a large amount of administrative cost
- Well satisfy service sensitive customers
- Accelerate payment collection time
4.2. Benefit To Payers (Students/parents/
- Removes the inconveniences and pain parents, guardians and students face when paying tuition fees
- Saves time,
- Minimizes the risk of loss of money
- Modern and safer process of making payments
- Variety of payment alternatives – branches, Internet, Mobile, POS
- Pay anytime, anywhere
- Option for last-minutes payment
- No need to remember due date and amount in case of SO and Direct Debits.
5. Target Market/customers
- Elementary schools, High schools, Colleges, Universities, Vocational and technical schools, etc.
6. Eligibility Criteria
- Any legally organized, licensed and fee based educational institution which are willing to accept banks service terms and conditions.
- The institution shall have current or any appropriate account for receiving the fund
- Parent/students/guardian can access the service by subscribing to a convenient service type.
7. Cash Pick-up/Delivery Services
The Bank may provide Cash Pick-up and Delivery Services in a manner that caters to the need of these institutional clients