July 21st, 2020 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments has entered into a landmark partnership with Ecobank Group enabling African students the ability to pay international tuition and fees seamlessly. This partnership gives students across the region access to local in-country collections as well as the ability to make international tuition payments and receive international tuition refunds with just a click of a button.
It is reported that Africa has one of the fastest growing middle-class populations in the world with a growing need of Africans seeking world class education across the globe. This, coupled with a population boom that is set to see the continent grow to 2.5 billion people by 2050, means that the region’s demand for higher education could see a dramatic rise in the years ahead. The overall number of African students in the United States hit a record high in 2019 with international students from some countries growing double digits from the previous semester.
In his comment Isaac Kamuta, Group Head Cash Management & Client Access at Ecobank Group said, “At Ecobank our goal is to help support the education of the next generation of African leaders by facilitating the ease of seeking world class education. Partnering with PayMyTuition will remove the cross-border friction that exists for students when paying tuition and other fees overseas. Utilizing PayMyTuition’s innovative technology will allow students access to local currency payment options for international tuition payments and to receive international refunds simply and easily in the most cost-efficient manner.”
Also speaking Arif Harji, Chief Market Strategist at MTFX Group, said partnering with Ecobank to expand PayMyTuition platform within Africa’s already deep payment rails will now allow students to make international tuition payments and receive international refunds across the continent in minutes.
“This expansion of our innovative technology through the Ecobank Group changes the game for students across the region being one of the only solutions available to offer local in-country collections for students studying abroad. PayMyTuition’s technology platform optimizes and creates efficiencies within international tuition payment processing and settlement, giving students payment method and timing flexibility. This technology will help reduce costs, prevent errors, and improve overall speed with the ability of real-time settlement.” Arif Harji stated.
PayMyTuition’s cross-border tuition payment solution can be seamlessly integrated, by way of their real-time API, into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar. The utilization of Artificial Intelligence (AI) and machine learning technology within the platform will also provide large and complete amounts of rich data including student information and payments statuses making end-to-end payment transactions simple and transparent.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange, and global payments solution provider with a track record of 24+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. MTFX has built its reputation on amazing people and great technology. Using a blend of “high-tech” and “high-touch” solutions, MTFX has grown to become a leader in online foreign exchange and global payment services across North America. In addition to offering incredibly competitive currency exchange rates, MTFX’s “high-touch” 24/7 multilingual customer support ensures that every transaction not only meets but exceeds the level of service our customers expect from us. MTFX is headquartered in Toronto, Canada with its US headquarters in Jersey City, NJ. www.paymytuition.com www.mtfxgroup.com
About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’):
Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,800 people and serves about 24 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit www.ecobank.com