Image source: UNICEF
A Day in the Life of an African School Child
Imagine a young student in rural Tanzania starting her day with a long walk to school. Tucked in her pocket is the money her parents scraped together for her school fees and lunch. Every step she takes is cautious; the fear of losing the money to theft or simply dropping it weighs heavily on her mind.
This scenario is a daily reality for many families in Africa, where cash transactions are still the norm for educational expenses. Handling these payments often brings a mix of worry and inconvenience that can overshadow the school day for both students and their families.
The Real Cost of Cash in the African School System
School life in Africa involves various costs that go beyond tuition. Students need books, uniforms, and often a daily bus fare. Families usually pay these expenses in cash, which brings several issues.
In regions where safety is a concern, carrying cash exposes families to risks. Furthermore, paying in cash can be a hassle. Parents might need to leave their jobs to go and pay the school fees, or students might have to miss class time to handle these transactions.
Moreover, schools that receive cash payments face their own set of challenges. They need to keep the money safe and spend a lot of time managing and recording what they have received. This process is not only slow but also leaves room for errors and fraud.
A Simple and Secure Solution for School Payments
To address these challenges, VeryPay offers a way to integrate with the existing eWallets many African families already use. VeryPay makes it possible to pay for all school-related expenses digitally. This method significantly reduces the need for physical cash, shifting all transactions to a secure digital platform.
How the VeryPay Solution Works in the School System
In five simple steps, schools can be set up using the VeryPay tap-and-go payment solution to pay for all of their education expenses.
- Schools are set up as a main merchant.
- Bursars office/school administrator are onboarded as VeryPay merchants.
- Parents with smartphones link a VeryPay payment token to their mobile money account.
- Money can be loaded onto a payment card or wearable device
- Child can use payment token at school to make payments using tap and go.
How Digital Payments Benefit Both Students and Schools
Every morning, countless students in Africa face the risky task of carrying cash to school for fees and other expenses. VeryPay is changing this narrative by introducing a safer, simpler, and smarter way to handle school transactions through seamless digital payments.
Contactless Payments Shield Against Theft
With VeryPay’s contactless payment system, students no longer need to carry cash to school, significantly reducing the risks associated with theft and loss. This security feature is crucial, especially in regions where carrying cash can make students vulnerable.
Streamlining Payments with Technology
VeryPay can enable simple tap-and-go transactions to pay for school fees and other educational expenses with payment tokens. This convenience saves valuable time for parents who can make payments on-the-go, and for students, it means less time managing cash and more time focused on learning.
Empowering Parents with Financial Tracking
VeryPay provides a comprehensive financial tracking system that allows parents to monitor and manage their children’s school-related expenses with precise accuracy. Parents can see detailed records of what they’re spending money on, helping them ensure that their funds are used for their intended purpose. This level of transparency is essential for better budget management and fosters trust in the payment system.
Operational Efficiency: The Advantages of Schools Going Cashless
Beyond offering security and convenience to families, VeryPay’s digital payment solutions can bring transformative benefits to schools themselves. By adopting a cashless system, schools can streamline financial operations, reducing the time and resources spent on manual cash handling and record-keeping. This shift not only minimizes the risk of errors and fraud but also enables a more transparent audit trail of incoming and outgoing transactions.
The result is a more efficient administrative process, allowing educators to focus more on teaching and less on financial management. Additionally, the digital infrastructure provided by VeryPay enhances the school’s ability to plan and allocate resources more effectively, supporting better educational outcomes.
The Future of Educational Payments with VeryPay
As VeryPay embarks on launching pilot programmes with mobile network operators this year, we look forward to helping reshape how education-based payments are handled across Africa. The potential for growth among mobile network operators is substantial, as they can offer VeryPay to schools and families, simplifying payment processes and enhancing overall financial security and efficiency.
VeryPay can be a vital tool in making school payments safer and more convenient in Africa. By reducing reliance on cash, VeryPay not only addresses the immediate financial handling issues for students but also opens up possibilities for better financial management and security in the whole education system.
We invite mobile network operators and educational institutions to discover how VeryPay can transform their payment processes. Contact us for more information or book a call with our team.
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