DEEPEN - Developing Effective Private Education Nigeria | Finance
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Through the Finance work stream, DEEPEN is facilitating improved access to financial products and services to meet the needs of schools and parents. Activities have been designed to improve schools’ revenue and cash flow, provide access to formal finance to fund growth and infrastructure developments and increase investment in improving learning outcomes. DEEPEN is also facilitating enhanced access to business development services for schools to improve school business practices and efficiency.

Such interventions will enable schools to operate as more efficient and sustainable businesses, making them more loan ready and eligible for formal finance, while simultaneously enhancing school cash flow and revenue. The programme will support existing andpotential service providers to offer tailored product/services pilots and increase schools’ longer-term ability to handle their finances more effectively.
The finance workstream will focus on the following 3 interventions:

Fee payment services

DEEPEN is capturing and sharing information about parental demand with financial institutions to highlight the scope for new products or distribution channels to incentivise savings and timely payments of school fees. DEEPEN ran two mobile money pilots,enabling parents to pay school fees using their mobile phones, and conducted research into school affordability and fee default.

Access to Credit for Schools

DEEPEN is stimulating the financial market to develop tailored loan products for schools, including low-cost schools to enable them to invest in improvements in services and infrastructure. The programme is partnering with microfinance and deposit money banks to raise awareness about the market opportunity and build their capacity to serve the sector.

Factors responsible for low coverage of education

Business Development Services for Schools (BDS)

The BDS intervention seeks to facilitate high quality, relevant and affordable BDS for schools. The intervention was designed in recognition that access to finance alone may not be sufficient to address challenges schools face. Indeed, improved business planning and financial management would help schools manage their resources more effectively and could make more schools eligible for formal finance.