SchoolPay has unveiled a new phase of growth aimed at transforming schools into digitally managed institutions through integrated solutions covering payments, administration, learner safety, savings and access to financing.
The company, which is celebrating a decade of supporting schools with digital payment solutions, says it is expanding into a wider digital ecosystem designed to improve efficiency, strengthen financial management and enhance communication between schools, parents and learners.
Speaking during the launch of a series of regional workshops in Bugolobi, SchoolPay Africa Group Head of Operations Patrick Muhumuza said the company is evolving beyond its traditional role as a payment processing platform.
“Many people have known us as a payment processing company, but we are now moving beyond payments,” Muhumuza said.
He said the company is introducing the SchoolPay Suite, a collection of smart solutions designed to address the growing needs of modern schools.
“So now it is about this whole comprehensive SchoolPay suite of smart solutions for the future school,” he said.
One of the key solutions is the S-Wallet, a digital pocket money platform aimed at improving learner safety, convenience and financial inclusion.
Muhumuza said the solution allows parents to send pocket money and upkeep directly to learners, particularly those in boarding schools, while reducing the risks associated with carrying cash.
“We have solutions around digitising pocket money for learners, enhancing their safety, their comfort, and introducing them to financial services. This is a wonderful solution to allow a parent to send money, pocket money and upkeep, especially in boarding school, to them directly,” he said.
He explained that the platform goes beyond money transfers by introducing learners to responsible financial habits.
“It is not just about sending money; it is also a tool for financial inclusion and a tool that allows them to securely save. You don’t have to worry about putting money in the dormitory. That is the S-Wallet,” Muhumuza said.
He added that the bigger objective is to create a financially aware generation by exposing young people to digital financial services at an early age.
“The S-Wallet, if you look at it, on the surface it helps parents send pocket money to learners. But what we are essentially doing is building a generation that is very aware of financial services,” he said.
“It is a financial inclusion solution for young people. We all know that if you do not empower the youth, you are not planning for the future.”
Muhumuza said the platform introduces learners to saving, card transactions and contactless payments.
“The S-Wallet is a tool to introduce learners to financial services. They have a card, and while many may see it as something exciting or fancy, we are using it to build a culture of financial awareness,” he said.
“The goal is that when they leave school, they are already exposed to financial solutions such as saving, transactions using cards and contactless payment solutions. They will be familiar with and confident in using digital financial services.”
Muhumuza said schools require more than payment solutions, noting that institutions need integrated systems to manage their daily operations.
“At the school, they have more needs than just seeing the payments. They want to also take care of other school operations,” he said.
To address this gap, SchoolPay has launched the SchoolPay ERP Suite, which integrates functions including accounting, academics, attendance management, SMS communication and other administrative services.
“We have launched the SchoolPay ERP, which has accounting, academics, attendance, SMS, communication and so many other things,” Muhumuza said.
He said the platform will help schools improve efficiency and deliver better services to learners and parents.
“We want the schools to be fully integrated with these smart tools, such that they provide good quality education service,” he added.
Beyond administration, SchoolPay said it has introduced education savings solutions aimed at helping parents plan for school fees.
“We have solutions around education savings. You have a purpose-driven solution to really save your school fees, and then pay any time you want,” Muhumuza said.
He explained that the platform allows families to set aside funds specifically for education expenses, helping them manage school fee obligations more effectively.
The company is also extending financing solutions to schools through partnerships with financial institutions.
“Education loans are not just for the parent, but also now we have done something for the schools,” Muhumuza said.
He added that schools will be able to access financing through a simplified digital process.
“As a school, with the click of a button, I can apply for financing from my financial partner or the bank,” he said.
“This is an end-to-end digitised solution and one of the first of its kind in Africa.”
Speaking at the event, the outgoing Assistant Commissioner in charge of Private Schools and Institutions at the Ministry of Education called for greater emphasis on financial literacy as schools embrace digital transformation and a cashless economy.
Mutekanga said education should go beyond academic knowledge by equipping learners with practical financial skills.
“Reading and writing alone cannot bring food to your table. We need to teach our children how to earn, when to save, when to spend and how to invest,” he said.
He noted that while entrepreneurship and ICT have been incorporated into the new curriculum, financial literacy deserves equal attention because it directly affects people’s economic wellbeing.
“As we speak now, we are looking at a cashless economy. That is the way to go,” he said.
Mutekanga encouraged schools and education technology providers to promote saving habits among learners.
“Every child should be able to say, ‘This is how much I have saved from my pocket money.’ Saving should become a habit from an early age,” he said.
He also proposed introducing incentives such as awards for students who demonstrate responsible saving behaviour.
According to Mutekanga, poor financial habits contribute significantly to economic challenges.
“One reason many people remain poor is poor spending habits. People spend money as soon as they receive it without thinking about tomorrow,” he said.
He called for structured financial literacy programmes that teach learners how to earn, save, spend responsibly and invest.
The head of operations for SchoolPay said the company is already looking into the direction of financial literacy.
“The S-Wallet, if you look at it, on the surface it helps parents send pocket money to learners. But what we are essentially doing is building a generation that is very aware of financial services. It is a financial inclusion solution for young people. We all know that if you do not empower the youth, you are not planning for the future,” Muhumuza said.
“The S-Wallet is a tool to introduce learners to financial services. They have a card, and while many may see it as something exciting or fancy, we are using it to build a culture of financial awareness. The goal is that when they leave school, they are already exposed to financial solutions such as saving, transactions using cards and contactless payment solutions. They will be familiar with and confident in using digital financial services.”
