The Commercial Bank of Ceylon has entered into a partnership with MyFees.lk, a payment aggregator in Sri Lanka’s education sector.
The partnership aims to digitise payments, expand the acceptance of payment cards, and streamline payment processing and security protocols, enabling seamless transactions from anywhere in the world, a Bank media release stated.
The enhanced functionality resulting from the partnership with Commercial Bank will help MyFees.lk to enable a wider variety of card types while expanding the platform’s horizons to facilitate foreign currency payments andsettlements. The integration of MyFees.lk with Mastercard Payment Gateway Services (MPGS) via Commercial Bank will also support the linking of education institutes in key regions across the island, going beyond the Western Province where MyFees.lk has a strong presence. Commercial Bank offers education loan facilities with flexible terms, for employed and unemployed students pursuing local and foreign education. These loans come with a longer repayment period and attractive interest rates.
Students are eligible to enjoy a grace period of two years to service only the interest, before commencing the capital repayments of the loan facility.
