Novac Payments and RaisED Conclude Pilot Phase for Direct-to-University Settlement Infrastructure

 

From left: Adenike Adegoke - Chief Operating Officer, Novac Group and Great Igbokwe - Founder & Project Lead, RaisED

 Financial technology provider Novac Payments Solutions Limited and Education technology firm RaisED have concluded the initial six-month operational pilot of their collaborative direct-to-university payment and settlement framework.

 

Executed under an institutional partnership established earlier this year, the collaboration focused on eliminating financial leakages in tertiary education funding by deploying dedicated fiat settlement infrastructure for university fee payments, commencing at the University of Nigeria, Nsukka.

 

Under the operational framework, Novac provided the underlying settlement rails that enabled programmatic, discounted fee clearances directly into accredited university bursary revenue accounts. The mechanism was engineered to support verified indigent students identified through campus administrative audits, which show that financial hardship accounts for over 33 percent of undergraduate dropouts in federal tertiary institutions.

As corporate social responsibility boards and philanthropic entities demand greater auditability, automated direct-to-institution disbursement mechanisms are replacing conventional, manual grant distribution systems.

Following the operational conclusion of the initial campus testing phase, both organizations are reviewing the expansion of the enterprise settlement model to additional federal and state tertiary institutions ahead of the upcoming academic calendar.