Al-Arafah Islami Bank PLC and United School and College have signed a cash management agreement to make student fee collection easier, safer, and more technology-driven.
Under the agreement, students will be able to pay their educational fees through the bank’s branches and Islamic Wallet.
The agreement was signed by SM Abu Jafar, deputy managing director of Al-Arafah Islami Bank PLC and Abdullah Al Mamun, principal of United School and College on behalf of their respective organizations at a ceremony held at the bank’s head office on Tuesday, October 13.
The agreement will make fee payment more convenient for students and their guardians.
At the same time, United School and College will be able to access fee collection information in real time, enabling faster, more accurate, and more efficient reconciliation of accounts.
The agreement will expand technology-driven financial transactions between the bank and educational institutions.
It is also expected to contribute to the expansion of institutional cash management services and increase the mobilization of low-cost deposits for Al-Arafah Islami Bank PLC.
Among others, Md Aminul Islam Bhuiyan, deputy managing director of the bank, Mohammad Abdul Mobin, senior executive vice president, along with other senior officials from the bank and the educational institution, attended the ceremony.
The agreement is expected to further strengthen the use of digital financial services in the education sector while ensuring greater efficiency, transparency, and dynamism in fee collection and financial management for educational institutions.
