Schoolable: Revolutionizing School Financial Management and Student Loans in Nigeria
IntroductionManaging finances in schools can be a daunting task. From keeping track of student invoices to reconciling payments, school owners often find themselves overwhelmed with administrative responsibilities. Fortunately, Schoolable, a digital infrastructure platform, offers a comprehensive solution for efficient school financial management and student loans in Nigeria.
In this article, we will explore the features and benefits of Schoolable, how to register, apply for loans, and the various savings plans available.
An Overview of SchoolableSchoolable is a privately held organization founded in 2018 by Angela Essien and Henry Chibuzoin. It specializes in school finance management, EdTech, and product development. With a mission to simplify school business operations, Schoolable provides school owners with essential tools to effectively manage their finances.
Additionally, Schoolable helps parents save easily for their child's education, making it a valuable resource for both schools and families.
The Services Offered by Schoolable
1. Easy ReconciliationSchoolable simplifies the process of reconciling school finances by providing each family or student with a unique account number. This enables school owners to track payments accurately, including the amount paid and the time of transaction.
2. Student InvoicingWith Schoolable's student invoicing feature, school owners can easily keep records of the amount owed by each student. This includes tracking partial payments, managing discounts, and setting up auto-reminders to update parents about their outstanding school bills.
3. Multiple Payment ChannelsSchoolable offers students multiple payment channels for their convenience. Students can transfer money into their family account, which Schoolable provides, and use it to clear any unpaid bills directly with the school. This eliminates the need for complicated payment processes and ensures efficient financial transactions.
4. SavingsSchoolable's saving feature simplifies the process of saving for school fees. Parents no longer need to worry about planning and organizing their savings. The platform automates savings and offers competitive interest rates on every amount saved. This allows parents to accumulate funds for their child's education without the stress of manual saving.
5. Flexible Payment OptionsSchoolable provides flexibility by allowing school owners to decide where they want school fee payments to go. They can choose to leave the funds in their Schoolable account or transfer them to any bank account in Nigeria. This flexibility enables schools to streamline their financial processes according to their specific requirements.
How to Register on SchoolableRegistering on Schoolable is a straightforward process. Follow these steps to set up your account:
- Visit the Schoolable website at
- Click on "Open an account."
- Enter your details in the registration form.
- Click on "Register" to complete the account creation process.
Schoolable Loans: Bridging the Financial GapSchoolable also provides loans for parents who may be short of cash to pay for their child's school fees. The loan application process is straightforward and can be completed after opening an account on the platform. Schoolable acts as an intermediary between the school and the parent, ensuring that payments are made over a pre-agreed period of time. This feature helps parents overcome financial constraints and ensures uninterrupted education for their children.
Applying for a Loan on SchoolableTo apply for a loan on Schoolable, follow these steps:
- Log in to your Schoolable account on the website.
- Navigate to the "Apply for a Loan" section.
- Fill out the required information and complete the application form.
- You will be notified of the success or failure of your loan application.
Maximum Savings Limit on SchoolableSchoolable allows users to start saving with as little as N100, with no restrictions on the maximum amount that can be saved.
This flexibility enables parents to save according to their financial capabilities and goals.
Savings Plans Available on SchoolableSchoolable offers two main savings plans to cater to different saving preferences:
1. Periodic PlansUnder the periodic plans, users can save money on a daily, weekly, or monthly basis for a minimum of 3 months. By indicating the desired saving frequency, the platform automatically saves the specified amount on the chosen day.
The periodic plans include the baby bloomer plan, the secondary school plan, and the termly tuition savings plan.
These plans provide a structured approach to saving for specific educational milestones.
2. Save As You EarnFor individuals whose income flow is irregular or who prefer manual top-ups, Schoolable offers the Save As You Earn plan.
This plan allows users to manually contribute to their savings, providing flexibility and control over their saving habits.
Interest Rates on Schoolable Savings PlansSchoolable offers competitive interest rates on savings plans.
The interest is calculated annually and accrues to the user on a daily basis.
By earning interest on their savings, users can maximize the growth of their funds over time.
Schoolable Mobile AppWhile Schoolable does not currently have a mobile app, users can access the platform's features and services through their website.
The website is optimized for mobile devices, ensuring a seamless user experience regardless of the device being used.
Schoolable's focus on accessibility allows users to manage their school finances and savings conveniently.
Contacting SchoolableFor any inquiries or assistance, Schoolable can be contacted through the following channels:
- Address: Close 1, Victoria Garden City Lagos, Lagos 23401, NG
- Phone Numbers: +234 814 714 0714 or +234 903 000 9647
- Email Address: [email protected]
ConclusionSchoolable is a game-changer in the field of school financial management and student loans in Nigeria.
By providing a user-friendly platform with essential tools and services, Schoolable empowers school owners to streamline their financial processes and parents to save efficiently for their child's education.
Whether it's easy reconciliation, student invoicing, multiple payment channels, or the flexibility of savings plans, Schoolable caters to the unique needs of the education sector. With Schoolable, the burden of managing school finances is lifted, creating a conducive environment for learning and growth.