International Money Express (IME) has launched its new service product named Edupay, a remittance-based educational fee payment service. The company claims the service to be the first of its type in the domestic market.

Under the facility unveiled on Wednesday, parents can pay the school fees of their children through 2,600 domestic agents and other network services situated in 75,000 locations in 25 countries. According to IME, the parents make payments to the agents who will transfer the money to the respective schools.

“The Consumer-to-Business model of alternative payment solution ensures fast and reliable remittance service,” said Daniel D Shrestha, head, marketing and business development at IME.

The company has got together with the Higher Secondary Schools’ Association of Nepal (HISSAN) and the Private and Boarding Schools’ Organisation Nepal (PABSON). The service allows the parents and guardians of the school students to pay their fees through nearby IME agents. According to Shrestha, they have tied up with 25 local schools and plan to increase the number to 100 by next month. Speaking at a programme, IME Chief Executive Officer Suman Pokharel said they introduced the product as an alternative payment solution to replace the conventional system of payment. According to HISSAN, there are 9,000 private schools in 70 districts of the country where 2 million students are receiving an education. Similarly, 1,000 institutions offer +2 level education. An estimated Rs 100 billion has been invested in the sector, out of which Rs 20 billion is from the private sector. “IME’s distant payment system is a landmark in the education sector,” said HISSAN President Umesh Shrestha. Meanwhile, IME has signed an agreement with HISSAN and PABSON to provide scholarships worth Rs 1 million annually to school students.

According to IME, they plan to provide scholarships for the next five years to students with good academic records or those from financially disadvantaged groups or indigenous communities. “A seven-member committee consisting of representatives from IME, Global IME Bank, PABSON and HISSAN will make the final decision on selecting the students to receive the scholarships,” said Global IME Chairman Chandra Prasad Dhakal.

Published on: 19 September 2013 | The Kathmandu Post