The Joint Admissions and Matriculation Board (JAMB) is set to incur not less than N50 million as added commission to its financial vendors following the introduction of the cashless regime introduced in the 2022/23 UTME/DE Registration exercise.
According to the Registrar, the additional financial burden is the price the Board is prepared to pay owing to its passionate concern for the plight of hapless UTME/DE candidates by shylock centre owners. He added that the measure would also put a stop to other sharp practices that usually trailed the payments of direct service charges for registration at these centres.
The Registrar, Prof. Is-haq Oloyede, disclosed this at a virtual meeting with financial institutions and other vendors who desire to participate in the sales of the 2022 UTME and Direct Entry application e-PINs.
The Registrar pointed out that every candidate who desires to purchase the e-PIN would have to pay the sum of N4,700 as the total cost of the e-PIN which is N3,500 for the e-PIN as subsidised by the Federal Government, N500 for the compulsory reading text which is paid to the publisher, and N700 regulated service charge for CBT centres, which candidates used to pay directly to the centres, but would now be paid along with the cost of the e-PINs by all candidates. The Board would later transmit all accrued entitlements to respective CBT centres on a weekly basis or any time frame agreeable to respective centres, to curtail all noticeable infractions.
Prof. Oloyede stated that in spearheading the collection of the N700 services charge on behalf of the centres, the Board would be taking on additional responsibilities not least is the N25 commission, which amounted to over N50 million the previous year.
The Registrar enjoined all the financial institutions to live up to expectations as the vendors would be held responsible for any act of misdemeanours or infractions committed by their agents.
The vendors, in their various reactions, commended the Board for its consistency in churning out innovations aimed at safeguarding the interests of candidates. Similarly, they made useful suggestions on how to ensure a seamless flow of e-PINs from the Board to participating financial houses for speedy and prompt access by candidates.