Education Minister Aiyaz Sayed-Khaiyum today signed a Transactive Banking Agreement with ANZ Bank in order to move towards a cash less economy.
Sayed-Khaiyum says that the Education ministry has to issue around eighteen cheques daily to teachers for their allowances.
He says all payments, money transfers and other financial responsibilities will now be conducted through the e-banking service called ANZ Transactive.
“Allowances as I mentioned , I did not mention salaries but I mentioned things like rural maritime allowances and travel allowance is sometimes necessary so cheques tend to be issued so for all of that now we want to electronically transfer funds.”
Meanwhile, the Ministry can also obtain account balances and transaction reports at the click of a button.
