MIT Solve

Solution Overview

Solution Name:

EazyStudy

One-line solution summary:

A savings plan that is targeted towards securing your child’s education regardless of how much or how frequently you earn

Pitch your solution.

As far as the future of any child is concerned education is paramount and non-negotiable. However, as much as many parents/guardians desires to sponsor their children/wards to at least complete secondary school, income is not always stable. Parents who receive earnings on a daily basis without a proper saving scheme, education insurance/funds always finds it difficult outrightly pay the school fees of their wards.

According to UNICEF, Nigeria accounts for one in every five out-of-school children in the world and 45 percent of out-of-school children in West Africa. a study by cseaafrica.org shows that in 2015, 49% of children stopped school due to monetary challenges.

EazyStudy is a savings plan that uses very simple mobile technologies to allow parents/guardians who cannot afford to have a proper education insurance gradually save for their children/ward school fees and writing materials.

What specific problem are you solving?

It is a thing of joy for every parent to see their child educated. The problem however, is usually payment of fees and school essentials. Even though the government provides free primary education, many parents prefer to pay for low-private schools because there’s a common belief that private schooling in Nigeria provides a better chance for learning and exposure.

Also, there is a problem of distance to the public schools. In 2018, Nigeria recorded about 18,000 registered private schools compared to the 104 public school in the country.

With EazyStudy flexible payment scheme and regardless of how frequent or how much is earned, parents and guardians are able to save towards their child/ward school fees. EazyStudy also has the functionality to use geolocation metrics and saving plan analysis to provide choice of school advice to parents/guardians.

Also, while it may be easy for some parents to pay one off school fees, life happens sometimes. The death or severe illness of a guardian/parent maybe the end of a child’s dream if not planned properly. EazyStudy offers a Platform where users can save to insure the education of their child.

Who does your solution serve, and in what ways will the solution impact their lives?

Though beneficial to all parents, EazyStudy is primarily targeted to informal-working parents. Informal-working parents are parents who earn on a daily/weekly basis, have irregular income and/or have a job but do not have any formal insurance or savings plan. The common desire of these parents is their willingness to work towards their children education.

We spoke to some of the market women in Badagry LGA, on why their children were out of school, one of the women said “I registered my child last year, but over time, I started spending the school fees I was keeping aside. I couldn't meet up with payment”.

There are many women like these, who do not have an effective means to save simply because of lack of education or poor social status for an insurance scheme. The average insurance program in Nigeria starts from $100/month and must be deducted from a bank account. These informal parents are part of the unbanked majority in Nigeria so they need services where the bank comes to them. With our EazyAgents shops, users can save as little as $2 daily or $10 weekly. EazyStudy also provides parents with a list of schools within their locality and budget.

Which dimension of the Challenge does your solution most closely address?

Deploying features that promote the continuity of contributions to social insurance schemes from informal sector workers, incorporating behavioral tools that incentivize and encourage financial savings, transparency, and accountability

Explain how the problem, your solution, and your solution’s target population relate to the Mission Billion Challenge WURI West Africa Prize and your selected dimension.

In-line with the Mission Billion Challenge, EazyStudy is has been designed to focus on a social protection of a flexible Education savings plan for the informal workers and the unbanked.

While the education of every child is paramount, many informal working parents finds it difficult to pay the out-right fees of their children, and those who can afford pay do not have plans available in case of an unfortunate incidence of the sponsor. EazyStudy provides options for both the banked and the unbanked to have a flexible saving plan which ranges from daily to monthly.

Where is your solution team headquartered?

Lagos, Nigeria

What is your solution’s stage of development?

Prototype: An individual or organization building and testing a product, service, or model.

Who is the primary delegate for your solution?

Joy Etike