As part of initiatives to make repayment of student loans as convenient as possible for borrowers, the Students Loan Trust Fund in collaboration with ADB have launched new online payment platforms.
Borrowers can make regular payments of their loans by creating an account for themselves on the SLTF website and proceeding to pay via mobile money or visa card.
The move is in line with the Government’s digitalization agenda as well as the SLTF’s policy of creating multiple repayment platforms for its diverse client base.
Head of Repayment and Resource Mobilization of the SLTF, Ms. Rosemary Aryee expressed her delight at the added convenience being provided for borrowers.
“Over the past few years we have pursued a deliberate policy of digitalizing both the disbursement and repayment of student loans, with the objective of making our operations more efficient, whiles improving the customer experience of our borrowers,” she said.
Chief Executive Officer of the SLTF, Nana Kwaku Agyei Yeboah, said that the collaboration with ADB increases the number of SLTF partner banks to five.
“A robust loan recovery system is vital for the sustainability of the fund, and it is for this reason that we continuously introduce new payment options for our borrowers,” he said.
He appealed to past beneficiaries of the fund to repay their loans in order to enable a new generation of students to benefit from much needed financial assistance.
The ADB Managing Director, Dr John Kofi Mensah, said the provision of the platform will further give convenience for borrowers to easily make their repayments.
“We are excited to partner the Students Loan Trust Fund to recover loans given to beneficiaries, we are hopeful the convenience of the platform will increase the recovery rate significantly,” he said.
In a related development, the SLTF has announced that borrowers can service their loans via the Ghana.gov platform, a digital service and revenue collection platform, created to provide a single point of access to government services.