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Problems and risks “all connected” in the field of university fees

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Problems and risks

Recently PIE live chatWPM’s director of university payments Holger Bolman said universities could put themselves at risk by accepting payments from international students.

“People are trying to find creative ways to circumvent this control, no wonder Nigeria is a good example, because there are daily limits on foreign exchange,” Ballman told The PIE.

We often hear stories of Nigerian students who believe that using the black market method is often safer, faster and cheaper – and as a result, there is an opportunity for third parties, sometimes disgusting, sometimes not, to give students options if this payment is not controlled the state, ”he continued.

“People are trying to find creative ways to circumvent these controls”

Bolman explained that the use of third parties affects universities because money often comes through bank transfers, with little or no description of what the payment is intended for, and this leaves them at “catch 22”.

Another serious side effect that this leads to is the processing of refunds – when universities are already overloaded, trying to find student payments that were made in the first place.

“When it comes to sending these funds back on time, and the university is confident that the money will be returned to the sender, there is a huge potential risk for the university because it is a bank transfer,” Bolman said.

“There are some people who are trying to use universities for money laundering – because they will use them because the money that goes through the university looks clean.”

There is also a risk, Bolman added, for the actual payer – because of uncertainty that the funds will return on time and that it will be the right amount – especially if the commission was taken by third parties or agents when the money was first paid.

“Students are potentially encouraged for being forced to use bank transfers, in many cases by virtue of what is recommended.”

“Most of the problems are related to this currency control. Because of their students are potentially encouraged for being forced to use bank transfers, in many cases because of what is recommended – either by agents, colleagues, or even family, as this is something they can use for other payments. ” said Bolman.

“This has the potential to have a huge impact on the perception of a particular university, whether or not students end up – someone can give feedback and say‘ don’t go to University X; I had a horrible experience in getting my money without regretting giving it back.

“But in reality this delay was for a legitimate reason and because of how the payment may have been made in the first place,” he added.

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