Schoolable was coined from two words- School and Able (Ability) and it was designed to provide financing solution for schools. Schoolable Pay, now a digital bank for schools, started off with the initial focus of bringing in the much-needed finance solution into the education system in Nigeria. The digital bank not only offers finance solutions, but also banking services needed to effectively run a school business.
Being the first of its kind in Nigeria, the app was built to provide easy, fast, and simple banking solutions to private school owners. Having interacted with them, we’ve come to understand that they want their schools to run effectively like every business should. However, issues such as exorbitant bank charges, parents owing fees, mismanagement of finances, and so on, affect the smooth running of school businesses.
To this effect, we decided to build a digital bank that offers customised banking solutions to schools. Our sole aim is to help make school business effective and profitable for school owners.
The digital bank comes with several unique features which make it very easy to use and understand. These features enable the school to effectively manage their school finances. They are:
- Invoices: Schoolable Pay allows school owners generate and send invoices (either individually or in bulk) to parents via WhatsApp or SMS. This helps school owners keep record of all payments, update parents on how much they owe or have paid, and help solve reconciliation issues.
- Unique Account Numbers for Each Family: As a school owner, you can generate a unique account number for each family through which they can pay their children’s tuition quickly and easily. This helps to reduce fraud and human error while recording finances. It also helps to streamline tuition payment to a single transaction for parents with many children. In addition, school owners are able to identify who has paid and who hasn’t.
- Online Banking: You can perform every transaction online. You do not need to go to a physical bank to perform any transaction or access your account statements. Everything can be generated and exported on your mobile phone.
- Transparency on Financial Reports: The digital bank makes it easy for you to understand your finances through a digitised and organised finance process. You can easily generate, export, and print out your financial reports showing all transactions (inflow, outflow, and account balance history).
- Payroll: As a school owner, you can run your employee payroll in one tap or automate the process. This way, you no longer have to owe any employee but rather, you get to pay them as at when due. This helps to keep employees happy and motivated!
- School Information System: You can upload and create your school records containing information about employees, parents and students. With this, you can add tags or payment items for every session to them.
- Free Business Account: Get a free business account with zero minimum balance and zero account maintenance fees.
Every school owner wants to make life easy for themselves and at the same time, make good profit from their businesses. This is why Schoolable Pay came to beー to provide easy and understandable banking solutions to effectively run a school business. Click here to open a free account and enjoy all these and more!