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The FinTech industry is one of the fastest-growing industries innovative-wise. FinTech services have been integrated with other non-financial services. The FinTech industry has been a topic of focus in recent years. Additionally, it has positively impacted most industries in various ways.
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As a matter of fact, some believe that the industry is already saturated with ideas. However, there is still much FinTech can do for other industries. On the other hand, the education sector has also experienced a great change and significantly contributed to the economy globally. The education industry is still yet another industry that has not incorporated FinTech services fully. There are various sections of the educational industry where FinTech services can be fully integrated. In an age where accessing finance and carrying out transactions is becoming increasingly difficult through traditional banks, the educational sector can incorporate FinTech activities into their activities. In this article, I look at how FinTech can help maximize various opportunities in the educational sector.

  • Digital Payroll

Educational sectors can incorporate payroll services into their services for seamless payment of salaries and other payments. The idea of paying staff salaries manually can be complex and difficult, hence, incorporating FinTech payroll services can take care of staff salaries and purchases are done seamlessly.   

  • E-Commerce

Another innovation that FinTech can bring into the educational system is e-commerce, especially e-commerce designed to meet educational needs.
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For instance, entrepreneurs can build a robust e-commerce store for schools to sell any kind of digital and manual products or services. Teachers and course creators can use school’s e-commerce platform to sell their ebooks in both downloadable and non-downloadable formats. Hence, students or parents can visit school e-commerce platforms to buy these courses, ebooks, and hardcopy texts.

  • Digital Payment

A digital payment platform that is designed to specifically meet the needs of the educational sector is another way to incorporate FinTech into the academic system. With problems associated with difficulty in paying school fees through traditional banks, with a modified digital payment platform, parents and students can engage in seamless payment of fees and other levies and have a digital version of their receipts. 

  • Crowdfunding

The higher educational sector is a centre for research and innovation. Innovations such as groundbreaking research works that can be monetized if achieved are a good way to go. Hence, researchers can receive investments for individuals and organizations to develop their ideas into substantial products.
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For instance, an academic institution can have a digital platform, something like a crowdfunding site, for investors and funders to survey the latest innovative projects done by university students and academics to them. For example, a researcher can sell the idea that he is building an electric car on a school’s crowdfunding site, which will cost $5000 to build, and the potential profit is $ 5 million. Sites like this are legitimate because, these projects are verified.

Final Words

There is so much FinTech that can be incorporated into the educational sector. In this article, we highlighted four important areas FinTech can help the educational system: payroll, digital payment, e-commerce and crowdfunding.  Featured Image Source: TechEconomy.ng
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This article was first published on 28th June 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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