TOGO – Ivorian fintech startup Cinetpay has announced the launch of a digital payment platform for school and university fees in Togo.
According to a press release, the Ivorian startup’s platform regroups electronic payment terminals (EPTs) and web platforms that will enable schools and universities to collect registration and tuition fees via mobile money and other electronic channels.
“This platform will allow them to collect online registration and tuition fees, to track all payments in real-time and to automatically send a reminder by email, SMS or Whatsapp to parents, as deadlines approach or in case of delay,” said the Togolese subsidiary of the Ivorian startup specialized in electronic transactions and mobile money.
CinetPay, whose e-schooling platform has a dozen institutional users, added that schools and universities can integrate, into their website, features that ease payments via mobile money, e-wallets, and bank cards.
CinetPay is an African ‘fintech’ created in 2016 and established in Togo a year ago. Unlike most other fintech firms present in the country, which focus on banking, finance, and e-commerce, it opted for the education sector. Cinetpay aims to win over all Togolese schools and universities by 2023.
This ambition aligns with the Togolese government’s 2020-2025 roadmap; under which Togo is set to become a reference in the digital sector, through the transformation and growth of the digital economy.
Cinetpay supports businesses in their growth by equipping them with electronic money payment and transfer solutions. Through their activity, we open new opportunities to entrepreneurs in French-speaking Africa, enables millions of persons excluded from banking services to pay online, and hence contribute to the emergence of both strong and inclusive digital economy.
According to Microsoft consulting, Togo has ambitious plans to embrace digitization as a lever to modernize the economy and society. To this effect, the West African nation has created innovation centers to support the startup industry and provide an environment that enables innovation, research, and development.
The World Bank’s Doing Business 2020 Report rated Togo as Africa’s best reformer in 2019. The ecosystem comprises 17 FinTechs, and more than 10 enablers and funding partners.
The government’s efforts to drive financial literacy and to include FinTechs into its digitization strategies alongside offering second-generation services are key success factors for FinTechs to stimulate financial inclusion.
Financial inclusion can increase if FinTechs join the playing field. Enablers include partnerships with incumbents, streamlining banks’ processes to lower costs, designing for client needs, use of alternative data, and enacting effective regulation.
