Despite academic tourism being a longstanding part of the fabric of learning in Africa, where students embark on educational journeys to European schools, navigating the complex process of cross-border payment of tuition fees has been a major challenge for both students and educational institutions, with many having lost their admission offers due to slowly processed payment.
Enter 'Tuition', a groundbreaking product launched by Nigerian fintech company Flutterwave that aims to solve the pain point of parents, guardians, and sponsors looking to support their wards' education abroad. The product is aiming to revolutionize the payment landscape for educational institutions in Africa and overseas.
Tuition offers a hassle-free payment plan, allowing parents, guardians, and sponsors to seamlessly pay various fees to educational institutions within Africa and abroad using their local currencies. This includes up to 40 institutions in the UK, with plans to add more institutions in Africa, the UK, the U.S., Canada, France, and Germany as the product gains traction.
According to its FAQ page, the fintech currently supports payments from African countries including Nigeria, Cameroon, Ghana, Ivory Coast, Kenya, and South Africa. Users have multiple payment options at their disposal including debit card, credit card, Google Pay, or by bank transfer in Nigeria only.
To ensure fairness, Flutterwave determines the payment rates based on current market rates. Additionally, each payment made through Tuition incurs a flat fee of 20 GBP, providing users with transparency and clarity regarding transaction costs.
It's a big bold move by the payment company – one that will help to streamline the payment process for education, making it more accessible and convenient for all parties involved.
Flutterwave is leveraging its fintech expertise and partnerships with educational institutions and is poised to make a significant impact in facilitating the financial aspects of academic pursuits across borders in Africa and beyond.