PTPTN records RM3.01bil in SSPN deposit collections in 2021

KUALA LUMPUR: The National Higher Education Fund Corporation (PTPTN) recorded a total of RM3.01bil in deposit collections for the National Education Savings Scheme (SSPN) account for 2021, an increase of RM1.02bil or 50.95% compared to RM1.99bil in 2020.

PTPTN chairman Datuk Wan Saiful Wan Jan (pic), in a statement Monday (Jan 31), regarded it as an encouraging achievement as it was the highest collection since three years ago, with RM1.14bil recorded in 2018 and RM1.37bil in 2019.

"The total amount of SSPN deposits accumulated until Dec 31, 2021 was RM10.88bil, while the deposit receipts for 2021 was RM3.01bil, which is 167.08% of the year’s target of RM1.8bil.

"This receipt also accounts for 27.63% of the total deposits received since SSPN was introduced in 2004," he said.

He said a total of 421,281 new SSPN accounts were opened last year, surpassing the annual target of 400,000 accounts and as of last Dec 31, a total of 5.24 million accounts had been opened.

Wan Saiful said in an effort to improve its service delivery to customers, PTPTN had introduced new channels for loan repayment and savings through strategic partnerships with other parties such as ShopeePay, BESTPay, KiplePay, KelantanPay, PayHalal, AnsaraPay and SpayGlobal.

Apart from that, payment channels through internet banking such as JomPay and selected banks as well as e-Pay services are also available.

This is in line with the PTPTN Strategic Plan 2021-2025 which is focused on PTPTN's digitalisation efforts, he said, adding that PTPTN would continue to provide the best service to customers in line with the new norms and developments in the digital world.

Wan Saiful said PTPTN assisted 140,977 students to further their studies at institutions of higher learning last year through approved education loans amounting to RM3.51bil.

Of the total, 70,412 students or 49.95% were from the B40 group and involved total loans of RM1.95bil, while the total loan repayment received last year was RM2.36bil, an increase of RM1.01bil or 74.53% compared to RM1.35bil in 2020. - Bernama