Within two weeks of a new administration, Nigerians have been faced with realities that would radically alter the way things have been. One of these latest changes is the policy that removes subsidy from federal universities across the country. In essence, this means that students in federal universities would, for the first time in the nation’s history, pay non-subsidised tuition fees set by the government. So, Nigerians seeking education from these institutions would have two choices: pay the high fees or get a student loan.
For most Nigerians, the student loan will be the less likely option, seeing that it proposes a jail term for defaulters. No one wants to graduate and spend the next phase of their life behind bars—whether or not they can repay a loan at the time. This will make the option of paying higher fees the go-to for most Nigerians. And that’s where Nigerians must begin to consider the option of long-term savings for academic goals.
With innovative fintech solutions like Herconomy, Nigerians can now proactively plan and accumulate funds for their own or their children's educational future.
Why long-term savings?
In several civilised climes outside Africa, long-term savings is how families are able to send their children to high-cost universities without falling into a debt trap. Many times, this savings start when the child is still in elementary school. Through an automated savings of almost-negligible sums, the savings—together with its interests—could compound into the kind of money that could conveniently sustain the child through university.
Long term savings take away some uncertainties that come with a child’s academic future. It puts a seal to the funds needed to gain quality education.
Introducing Herconomy: Empowering Financial Resilience
In this era of digital transformation, fintech platforms like Herconomy have emerged as powerful tools to facilitate savings and financial planning. Herconomy, a leading Nigerian fintech product, offers a user-friendly mobile application that empowers individuals to save, track their progress, and achieve their financial goals. Through features such as automated savings offerings including Vault and Float, which accrue 10% and 8% annual interest respectively, Herconomy aims to democratize access to financial services and foster a culture of saving.
In an era of shifting educational dynamics, where rising tuition costs pose challenges for aspiring students and their families, the power of savings cannot be understated. As Nigerians navigate the changing landscape of education financing, platforms like Herconomy provide a practical and inclusive solution for individuals to gradually save and plan for their or their children's university education. By embracing a culture of savings and leveraging the benefits of fintech, Nigerians can chart a path towards a more financially resilient future, empowering themselves to achieve their educational aspirations.
At Herconomy, we organise numerous capacity-building and wealth-creation programs to empower communities of women. We also have a savings solution; an app we designed to help women grow their wealth. With us, you get 10% interest on your savings and kiss transaction charges goodbye. You can also save with a community of women in a way that enforces your relationships and commitment to financial freedom. Herconomy’s got the solutions you need, We were born with you in mind.
Got questions? Contact us today at firstname.lastname@example.org