Schoolable is an educational fintech platform that allows parents pay, save, get loans and helps schools handle their transactions efficiently.
Education is a fundamental human right and rightly so. Sadly, in this part of the world, education is anything but fundamental. It is a luxury for the average Nigerian child. For the fortunate ones who have well to-do parents, giving their child a good private school education costs an arm and a leg!
Most private schools function as small businesses with little or no support from the government. The onus is on the school owners to build the infrastructure (from scratch) necessary to make it capable of giving its students quality education for the good of children and for their profit.
As such, their high prices for tuition and other minor fees come as no surprise. These 'small businesses' rely primarily (if not completely) on the fees from these parents for their growth, expansion, to pay staff and to run smoothly as an organization.
This is where the problem lies.
Parents who want quality education for their children, but can't (always) afford it sit on one side of the fence.Sitting comfortably on the other side are the schools who for all intent and purposes need the bulk of the fees every term to be paid upfront because their growth, sustainability and development depends on it.
Our CEO, Henry Nnalue and our COO, Angela Essien both shed more light on this here.
This is Utopia both for the parents and School owners.
In real life though, lots of parents struggle to pay the fees of their kids while schools in turn struggle to get paid for their services as at when due. This is where Schoolable comes to play.
What is Schoolable?
Schoolable is a fintech educational solution that plays the perfect middle man and makes sure both parties on either side of the fence get what they want. Parents are able to afford a good education for their kids and schools are able to get their money on time and grow their business.
How is this possible?
Schoolable for parents
For Parents, Schoolable does 3 key things, they include:
- Pay Fees
- Save for Fees
- Get Loans
With the Schoolable app, Parents can pay the school fees of their kids quick and easy without the hassle of stressful banking halls through different payment channels, anytime, anywhere. Learn more about that here
Schoolable also helps parents save in bulk or in smaller tokens periodically towards their child's tuition. As a result of that, there is no more instances of late payments of any sort because parents always have an emergency money stashed somewhere safe. There are 4 savings plans on the Schoolable platform, each curated to different needs and requirements of parents. Learn more about the different savings plans that Schoolable provides here.
Schoolable also give loans to parents. We understand that sometimes, parents have so much responsibility on their plate and a little help with their payments would go a long way.
Schoolable Pay for Schools
For Schools owners, we know how important cash flow is. Schoolable Pay is a solution we created to helps schools recoup their cash from parents on time. With Schoolable Pay, schools can get up to 80 percent of their fees upfront and have no cause whatsoever to start chasing parents for payments of any sort. Avoid unnecessary stress and 'wahala'!
With Schoolable Pay, Schools can:
1. generate and issue invoices to parents
2. automatically generate receipts
3. track the payments from these invoices
4. automatically reconcile them.
Learn more about how schools can use Schoolable Pay and the benefits here
At Schoolable, at the core of everything we do is ensuring that for the different players in the education ecosystem (Parents, Schools and the students), finance is readily available for them and as such education can truly be a right that every child can exercise.