BSP processes initial funds for tuition fees

THE Bank South Pacific confirmed yesterday that it had processed the initial funding of the K300 million tuition education subsidy under the government’s free education policy.
BSP in a statement confirmed that K185 million in tuition subsidy had been processed directly via an electronic funds transfer into school accounts last Friday.
These schools which represented 50% of all schools had existing bank accounts provided by the education department.
BSP said schools earmarked to receive these school fees under the government’s subsidy arrangement should check their bank accounts with their banks.
“We have delivered the first batch as promised and we are now working closely with them to ensure the balance is processed at the earliest,” the BSP statement said.
For schools without bank accounts, BSP has urged them come forward, as per the request by the education department, to open accounts so that tuition fees will be paid accordingly.
“Schools without bank accounts need to open bank accounts to receive this funding as stipulated by the minister and secretary for education.” 
“All signatories must be duly authorised by respective school boards and have genuine identification”.
“We are ready to assist schools to open bank accounts with BSP and urge schools to liaise with their local education department to assist with opening accounts,” the statement read. 
BSP advised that instructions to open bank accounts are with provincial education advisors and all schools via secretary Dr Musawe Sinebare’s letters dated Jan 1 and 9.
The balance of K115 million will be paid out progressively when schools have established bank account with their banks.
BSP has 37 branches, the largest and most established branch network nationwide and the staff  are standing by to assist schools with opening bank accounts, the bank said.