PrepaidWealth.com, a recently launched South African FinTech Startup for accumulating cash or providing discounts when data and airtime is purchased from the platform, is launching a programme that will enable schools to raise money passively from teachers and parents when they buy their personal data and airtime.
PrepaidWealth.com is like a Stokvel for data and airtime.
The platform enables a user/s to form own group or join one, such as stokvel, church, school, work department, WhatsApp group, soccer and jogging team, etc.
Everyone in the group spends on data and airtime, separately according to their needs. However, the accumulated discounts are aggregated. This makes the cash to grow faster and significantly.
The accumulated cash can be withdrawn from PrepaidWealth.com once the money is more than R200. It can be used for anything.
This time PrepaidWealth.com is targeting schools.
Schools will create their own group accounts separately on the PrepaidWealth.com platform.
Teachers and parents will then join the group on their own or ask the school to include them.
Every time the parents and teachers buy data and airtime from the platform, 80% of the
margins or discounts that retailers get from data and airtime will be donated to the schools
for fundraising purposes.
The platform accumulates 80% of the discounts collectively from all the teachers and parents within a school group. The accumulated discounts can be withdrawn in cash once the accumulated amount is at least R200.
The discounts provided to retailers vary from 1.5% to 9.5% and therefore one can assume
an average discount rate of 5%.
A school that can get 350 teachers and parents to join the school group on PrepaidWealth.com as members can raise R25,500 per year, assuming that they spend an average of R150 on data and airtime per month each.
The data and airtime provided on PrepaidWealth.com is from all mobile service providers;
namely, Vodacom, MTN, CellC, Telkom, Virgin Mobile.
The platform also provides prepaid electricity services as well as services from Mozambique Vodacom and Econet Mobile.
“The schools programme will unlock a passive way of raising funds for curriculum and extra curriculum activities for schools. At some schools, it might replace or complement the currently used fundraising methods” – Gabriel Nkuna, co-founder of PrepaidWealth.com