The University of Science and Technology (KNUST) in Kumasi has become the latest beneficiary of a new e-banking product introduced by HFC Bank (GH) Ltd. aimed at making campus life easier for students.
With the "HFC Transflow" in place at KNUST, the university becomes the second tertiary institution in Ghana to benefit from the use of the system after the Regent University in Accra, according to a statement issued by the Bank in Accra on Wednesday.
Mr Charles Martinson, General Manager, Business Development of HFC Bank, said the system allowed students to pay their fees and make other payments to the university directly online.
He said the long queues on university campuses by students to make payments informed the HFC Bank to come up with a system that would ease the burden of the students.
HFC Transflow therefore enables students who need to make payments to their institutions to just go to any branch of the bank and make such payments which will immediately reflect on the screens in the accounts department of the universities.
"Once payment is made a pay-in slip is given as acknowledgement of payment, which is then used for purposes of registration. This makes the difference between the HFC Transflow and the purchase of a payment order."
The statement said students need not be account holders of the bank although the service is free for them.
Mr Martinson said so far the system had been operating successfully at the Regent University and was of the view that once school reopened at KNUST the system would be put to full use.
He said it was the aim of the bank to reach all schools in the country but had decided to start with the tertiary institutions. For that reason, discussions were going on with other tertiary institutions to have the system operate there.
With the HFC Transflow, Mr. Martinson said, students would be saved from travelling long distances with monies on them and avoid the risk of loss and armed robbery.
The system further made payment more convenient as it eliminated the burden of going to buy payment orders from the bank which also came at a cost, he said.
He said students who continuously used the product for their payments would, apart from enjoying its benefits, be rewarded by the bank.