Before now, the buzz has only been about FinTech – Financial Technology, as a way to achieving inclusiveness and competitive economic growth. Truthfully, I totally agree with the need for all spectre to embrace technology, most especially, in our finances; and the importance of this cannot be overemphasized. But the question remains, is Fintech enough to drive financial inclusion? Why is nobody talking about Edtech as a way to move sustainability and inclusiveness?
First off, Fintech isn’t independent, it spawns from education and the need for innovation. Also, the major problem with the masses embracing Fintech after trust is illiteracy. Naturally, not being introduced to technology in the classroom at an early stage is enough to make an average individual repulsive to anything tech when they become grown ups.
I understand that the majority of the old and unbanked are uneducated and may not be open to go back to school, if at all the necessary tech is adopted in education. The truth is these people have children, family members and acquaintances that still go to school and it’s easier to trust things you learn about from close associates and relations.
Also, financial education becomes easier when technology is used in education. The economies of scale the introduction of technology will bring into education can be used to teach financial management, and cost saving. Bankable students, school administrators and parents could even have enough at the end of the day to patronize Fintech products/services.
Furthermore, advocating for Edtech will boost Fintech companies’ reach to remote places. Edtech presents easy access to resources and it is not inhibited by any physical barrier, this makes it the right tool to accelerate the spread of Fintech to creeks and hard-to-reach areas. If Edtech is widely adopted, Fintech companies will save so much from educating clients on how to use their solutions as the bulk of these would have been addressed by Edtech.
Let’s not forget that inclusiveness is still a thing in education, as we still have a lot to do in the area of special education (education for the disabled and others alike) and SDG 4. The accessibility of Edtech will drive education inclusiveness and improved education.
However, this is not to say Edtech isn’t with its own cons. A lot of infrastructural gap needs to be filled up, affordability is also another primal issue and the populace behavior to this still remains a concern. However, I believe that, if adequate attention is placed on Edtech as it is on Fintech and we have more start ups complementing the work of Edves, Edtech will become lifelong in the country and it will ensure the country is driven to it’s harbour of popular inclusiveness and sustainability on all grounds.