KUALA LUMPUR: The National Education Savings Scheme (SSPN) recorded deposits worth RM3.01 billion in 2021, surpassing the amount of annual deposits recorded since 2018.
National Higher Education Fund Corporation (PTPTN) chairman Datuk Wan Saiful Wan Jan said the deposits recorded last year was RM1.02 billion higher (or 50.95 per cent), higher than the deposits recorded in 2020 which stood at RM1.99 billion.
"I have always stressed on the need to cultivate the habit of saving money since I became the chairman (of PTPTN) in 2018.
"I'm pleased that PTPTN officers have translated my vision as SSPN deposits have recorded a significant increase for four years consecutively.
"Although the country faced economic uncertainty last year, I'm optimistic that the awareness among Malaysians, especially parents, on the importance of saving has increased.
"This is demonstrated by the fact that the SSPN deposits have recorded a four-fold increase since I started to emphasise on this initiative," he said in a statement today.
Wan Saiful said a total of 421,281 new SSPN accounts were opened last year, exceeding the organisation's yearly target of 400,000 new accounts.
"Overall, 5.24 million SSPN accounts have been opened between 2004 and Dec 31, 2021," he said.
In line with the PTPTN Strategic Plan 2021-2025, Wan Saiful said the organisation has embraced digital transformation to ensure end-to-end public delivery service.
The digitalisation initiatives, he said, include the facilities of repaying loans and raising deposits via online as well as the inclusion internet banking services such as JomPay and other e-Pay services at selected terminals.
Wan Saiful said PTPTN offered education loans worth about RM3.51 billion to 140,977 students to pursue tertiary education. This figure, he said, includes 70,412 students from the B40 income group.
PTPTN, he said, received loan repayments worth RM2.36 billion last year – an increase by RM1.01 billion (or 74.53 per cent) from the RM1.35 billion collected last year.
Wan Saiful also expressed his confidence in PTPTN's efforts, under the stewardship of its chief executive officer Ahmad Dasuki Abdul Majid, to shift people's reliance on loans towards cultivating a saving culture in Malaysia.