The Tertiary Scholarships and Loans Service (TSLS) have paid $13million through M-Paisa platform in the past three months of this year, surpassing the average annual allowance payout of $8million.
TSLS chief executive officer Dr Hasmukh Lal said in the first four years from 2018 to 2021, their annual payout was $8m.
But they expect to pay out a total of $25m by the end of this year and this has been attributed to an increased number of applicants.
“The figure reached $18 million annually in 2022 and 2023,” Dr Lal said.
“This shows 125 per cent increase in students opting for M-PAiSA to receive their allowances.”
Since its establishment in 2018, Dr Lal said a total of $81m has been disbursed to recicpients.
“The increase is attributed to the increase in sponsored numbers this year when compared to average 13,000 active in last two years,” he said.
“This year, 15,667 students are sponsored by Fiji Government through TSLS.”
Dr Lal said the younger generation, particularly TSLS sponsored students were at the advanced stage of using cashless and electronic payment modes and TSLS was proud to be a partner in driving cashless revolution in the country with relevant stakeholders.
“Renewing the partnership with Vodafone Fiji for another 5 years solidifies the ongoing commitment to leveraging digital solutions for the benefit of students and furthering the objectives of TSLS.”
Vodafone Fiji head of eCommerce and Digital Financial Service Shailendra Prasad said they were pleased to continue their partnership with TSLS.
“It is now an accepted fact that M-PAiSA is a significant player in Fiji’s financial service ecosystem,” Mr Prasad said.
“It provides the convenience of 24 x 7 access from the mobile phone – a gadget that is a student’s most trusted companion in the digital era.”
