Helping families through this “period and beyond,” uLesson, an edtech startup from Nigeria, has announced plans to cut subscription fees for educational software by 50% “indefinitely.”
The founder of the company, Sim Shagaya, made the announcement today on X. The CEO of uLesson, Ayooluwa Nihinlola, stated that this change will help families cope with the current economic climate.
In January 2024, the headline inflation rate in Nigeria was 29.90%, up from 28.92% in December 2023, a 0.98% increase, as reported by the National Bureau of Statistics (NBS).
This sharp increase from December shows the continued upward trend of inflationary pressures, which indicates broader economic strains. Millions of Nigerians are impacted by inflation every day. In a nation where food prices are climbing at a rapid pace, the consequences are more apparent and worsen the situation for families with little resources.
RelatedPosts
Read also: uLesson introduces Miva Open University
It is becoming increasingly difficult for many families to afford basic necessities as a result of the increasing cost of goods. This inflationary pressure makes things worse for Nigeria’s economy, which is already struggling with issues like currency devaluation, infrastructure deficits, and unemployment.
Many users may need help to afford uLesson’s educational subscriptions. You can see the prices for the different plans on the company’s website: ₦20,000 for the minimum 3-month plan, ₦50,000 for the 6-month plan, and ₦150,000 for the lifetime plan.
Users will now take advantage of a substantial discount, paying only half of the initial costs, though it is still being determined if uLesson altered these subscription fees prior to the announcement on X.
In 2019, Sim Shagaya established uLesson with the goal of closing the achievement gap in Africa’s elementary, middle, and high schools by making high-quality, electronically delivered education more accessible and affordable.
Math, English, physics, economics, English literature, financial accounting, basic technology, business studies, and English are just some subjects available on the online learning app.
Students can also get assistance from the organisation in getting ready for tests such as the General Certificate of Education (GCE), National Examination Council (NECO), and West African Senior School Certificate of Examination (WASSCE).
Students from a number of African nations, such as Rwanda, South Africa, Sierra Leone, Liberia, the Gambia, Kenya, and Uganda, have access to the platform’s live classes, video libraries, practice exams, homework assistance, assessments, and quizzes.
The company’s educational content, which includes interactive animations, quizzes, and tests, is subject to thorough review by subject matter experts before being designed, implemented, and made available to the public.
BRICS Skills Olympics applications open for SA’s top tech talent
Why uLesson is able to do this
While other companies are cutting staff and increasing the prices of their goods and services, uLesson is offering a 50% discount on subscriptions, showing a distinct approach. In light of this, one might wonder if the business or the service providers will take a financial hit as a result of this cost-cutting move.
With $25.6 million raised over four rounds (the most recent being a Series B round on December 9, 2021), the company may be considering lowering subscription fees to stay accessible and competitive in the edtech market, which could explain why they are doing so during a funding downturn.
They may have another project in the works, like a product for high schoolers. Time will reveal the truth, whatever it may be.