Stanchart partners with local Fintech firms to launch school payments and management app
By Victor Magunamu, Kenya
Standard Chartered Bank Kenya has partnered with two local Fintech companies, Cellulant and Entech, to develop a mobile app that will enhance the management of finances in learning institutions.
The mobile app has been designed to address the schools’ fee collection, tracking and reconciliation needs.
The App, according to head of retail banking at Standard Chartered Kenya David Idoru, will eliminate the delay and errors occasioned by the manual account reconciliation process that is currently used by education institutions.
For instance, a school will be able to invoice parents automatically through the system and send the invoice directly to the parent via the mobile app.
Upon receipt of the invoice, parents will be able to make payments, immediately at the touch of a button via the same app into the school’s bank account at any time, day or place.
Apart from the finance management benefits, the solution will also enable a 360-degree communication between the school administration, parents and teachers.
"A notification update is generated once a parent has initiated payment and a second notification issued once the money is credited into the school’s bank account,” Idoru said.
He said that the solution has been modified to automate the reconciliation process of all payment types including mobile money, bank transfers and cards.
“We believe that this partnership goes a long way in increasing operational efficiency therefore allowing the schools to focus on their core mandate which is to raise our future generation,’’ Munyi Nthigah, chief executive Cellulant Kenya said.
Kenya Private Schools Association lauded the innovation noting that it will improve efficiency in the management of schools.
"One of the key challenges facing the sector today is the limitation of comprehensive holistic tools and platforms that can enable effective and efficient management of school operation,’’ said Mutheu Kasanga, chairperson Kenya Private Schools Association.
Standard Chartered has invested $1.5bn to revamp its technology globally over three years in a bid to migrate over 80 per cent of transactions to non-branch channels by 2020.
The platform will be available on Google play store, IOS and Android.