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Funds transfer policy affects returning students

By Abayomi Adeshida

A new clearing policy for funds transferred to accounts among banks in the country might affect the smooth resumption of educational institutions across the country as the new academic calendar opens next week in most states in Nigeria. Saturday Vanguard investigation in the Federal Capital Territory reveals many of the parents and guardians who remitted their children and wards’ tuition and other fees through banks other than the banks where their own accounts are domiciled are likely going to have their dependants returned home if they try to resume with the others earlier than on Monday.

One of the affected parents, Mr. Ibrahim Sumaila narrated his ordeal to Saturday Vanguard, “my son is a student of one of the missionary schools where parents are mandated to pay fees before students are returned to the school.

“I was at my bank yesterday to transfer his fees through the normal banking process that I have used since he was admitted to the school but up till the close of business yesterday, I have been told that the school account has not been credited.

“I really don’t know what next to do now because the school is very strict on rules and would not allow any student to cross the gate once the name is not on the list of those who have paid to resume school,” he said. When Saturday Vanguard cross-checked the facts in the man’s bank, it was explained that a new clearing system which mandates all funds transfer among customers between banks might be responsible for the delay.



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