The Higher Education Commission (HEC), United States Agency for International Development (USAID) and National Bank of Pakistan (NBP) celebrated the launch of new online method for scholarship disbursement mechanism of the USAID-funded Merit and Needs-Based Scholarship (MNBSP) in 30 partner universities across Pakistan during signing of a Memorandum of Understanding between HEC and NBP.
This online system is part of USAID’s multi-year $ 36 million Merit and Needs-Based Scholarship Programme and is the first programme at HEC to adopt an online disbursement mechanism. Under this programme, students will be issued ATM cards so as to facilitate them in withdrawal of funds for both tuition payments and living expenses. In this connection, NBP accounts have been opened for 1,470 awardees at 30 partner universities throughout Pakistan. First payments using the new system will be made during next week.
Addressing the ceremony, Dr. Arshad Ali, Executive Director, HEC said, “The conventional methods of stipend disbursement have involved lengthy procedures at the partner universities, which frequently delayed stipend release to the scholarship recipients. Now, through the new online stipend disbursement mechanism, students will receive payments directly into their bank accounts, ensuring maximum efficiency.”
In his remarks, Mr. Saeed Ahmad, President, NBP lauded the efforts of HEC for adopting the online banking system replacing conventional procedures to disburse funds in speedy manner. He said that Scholarship funds means a lot to the students and we are pleased that NBP through its Asaan Account has given the facility to the scholarship awardees of this programme to open their accounts anywhere in Pakistan. “No doubt it will be a huge relief for the students”, he added.
On the occasion, Erica Rounsefell, Acting Director, Office of Education, USAID Pakistan lauded HEC for partnering with USAID throughout the programme. “This is a remarkable achievement that brings not only efficiency, but also greater security and transparency to the scholarship payment process. We look forward to continue to work with HEC to assist student access to higher education,” she emphasised.