Flutterwave, a Nigerian fintech company has launched a forex payment platform – Tuition.
Tuition is a cross-border payment platform that allows students or their guardians to pay their school fees directly to their university’s account within 48hrs, using their local currency or any currency they choose. It is a payment platform for African students studying anywhere within the continent or abroad.
According to Flutterwave in a statement on Tuesday, the platform will reduce the challenge of accessing foreign currencies and also help address the exchange rates problem.
It will also assist international students to overcome the humongous challenge usually associated with paying their school fees.
The statement reads in part, “We are excited to launch Tuition to support the dreams of African students across all levels who want to study anywhere without worrying about how to meet the deadline for their school fees payment.
“With Tuition, we are providing a safer, reliable, and affordable means for African students to pursue their dreams and seamlessly get financial support from parents, guardians, and sponsors.”
Flutterwave said international students using the new Tuition platform, can now pay their school fees within 48 hrs using their local currencies. This will eliminate the time spent and anxiety associated with not meeting the tuition payment deadlines.
Many parents and guardians have expressed their worries over the difficulty in obtaining foreign exchange to pay their children’s school fees abroad. The persistent forex scarcity in the country is greatly impacting foreign tuition payments.
According to a report in The Punch, it was tough for parents and guardians to access forex from banks in good time to pay their children’s school fees abroad, with several dollar requests piling up in banks for weeks.
The payment platform, Tuition, currently supports payments from the following countries: United Kingdom, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovakia, Slovenia, Luxembourg, Latvia, Lithuania, Malta, Spain. Africa: Cameroon, Ghana, Ivory Coast, Kenya, Nigeria, and South Africa, the United States of America.