PTDF pays overseas scholars with naira debit cards

The Petroleum Tech­nology Development Fund (PTDF) has begun the implementation of a new policy of remitting the allowances of its scholars studying in foreign universi­ties in naira denominated Visa debit cards.

There are over 600 Nigerian youths currently undergoing different study programmes in oil and gas related disciplines at undergraduate, masters and doctoral levels in various universities abroad under the PTDF overseas scholarship scheme.

Apart from paying the tu­ition fees of its scholars directly to the universities of study, the agency also pays allowances covering living, accommoda­tion, utility, books, laptop and other expenses directly to the scholars. The fund resorted to paying the allowances of its overseas scholars in naira due to the difficulties in accessing scarce foreign exchange and the high cost and delays as­sociated with processing and remittance in foreign currency.

A test run of the new pay­ment system was successfully implemented with the distribu­tion of naira Visa cards to 150 scholars in UK universities while arrangements are on to extend the new payment sys­tem to the rest of the scholars.

New scholars of the fund who will be commencing their studies in the 2014/2015 aca­demic year are being issued the naira Visa cards at the point of departure to their universities of study.

The Executive Secretary of PTDF, Mr. Femi Ajayi, had visited some PTDF scholars in UK where he intimated them on the new payment system instituted as part of measures to address some of the challenges confronting their academic and welfare issues. “You may be aware of the difficulties and continuing challenges in ac­cessing foreign exchange due to its scarcity and high cost of processing. The fund in its continued effort to find better ways of addressing the hard­ship faced by scholars as a result of delayed remittance of allowances, decided to make payments of all allowances in naira, which before now has been in foreign exchange. It has become absolutely neces­sary to implement this policy shift to ensure swift payment of all allowances as at when due, because of the high cost of foreign exchange and even the time it takes to do the conver­sion,” he said.

He therefore urged the scholars to complete the ac­count opening forms presented to them and activate the card account by changing the sealed PIN accompanying the naira Visa card. “The card would enable you to spend the Brit­ish pound equivalent of your allowances as measures have been put in place to ensure you are not underpaid or short­changed in any way,” he said.

He explained that PTDF is consulting with the manage­ment of the Central Bank of Nigeria (CBN) for a special dispensation that will ensure quick and predictable pay­ment of scholars’ tuitions to the universities of study and eliminate delays associated with the rigorous system pres­ently in place, which often re­sults in the rejection of some PTDF scholars by universities of choice.

Tweet