Local financial institutions collaborate to disburse student loan funds

BASSETERRE, ST. KITTS, September 24 2013 (CUOPM) – Two local financial institutions are collaborating to disburse student loan funds.

The St. Kitts-Nevis-Anguilla National Bank and the Development Bank of St. Kitts and Nevis have collaborated in an unprecedented move to provide a new payment solution for disbursing student loan funds.

The funds will be electronically loaded to National’s Prepaid MasterCard which essentially works like an e-wallet. The versatility of the card allows students to swipe and pay for their tuition as well as other goods and services wherever MasterCard and VISA are accepted. Students also have the option of withdrawing their funds from any of the 400,000 plus ATMS worldwide and depositing them to a regular bank account.

The collaboration creates a win win opportunity for all stakeholders. Students will enjoy immediate access to their loan funds and avoid the standard 6 to 8 week hold that applies to foreign bank drafts while both Banks will benefit from greater efficiencies in delivery and use of human resources.

National and Development Bank are the first Banks in the Federation to embrace the global transition from paper to plastic as a loan disbursement solution of choice and convenience. This payment solution, the National Bank Prepaid MasterCard is in line with the environmentally friendly move from a paper to a paperless society as the world goes green.

Development Bank’s General Manager Mr. Lenworth Harris welcomed the collaboration with National Bank.

“We are delighted to have a payment solution that is virtually stress free for the beneficiaries, our hard working students, who are literally scattered around the world.” Bernice Kelly, head of the National Bank Card Centre added that National is very committed to providing custom payment solutions to fulfill the individual customer needs.