- uLesson, a Nigerian edtech startup, has announced plans to reduce educational software subscription fees by 50% “indefinitely" to help families through this "period and beyond.”
- Sim Shagaya, the company’s founder, announced this today on X. Ayooluwa Nihinlola, CEO of uLesson, said that the move will help lessen the impact of economic conditions on families.
According to the National Bureau of Statistics (NBS), in January 2024, the headline inflation rate in Nigeria was 29.90%, up from 28.92% in December 2023, representing a 0.98% point increase in the headline inflation rate from the previous month.
This sharp increase from December highlights the ongoing upward trend of inflationary pressures, indicating broader economic strains.
Inflation affects the daily lives of millions of Nigerians. The effects are more noticeable in a country where food prices are rapidly rising, putting additional strain on households already struggling with limited resources.
Rising costs for goods put further pressure on household budgets, making it more difficult for many to pay for necessities.
This inflationary pressure exacerbates problems like unemployment, currency devaluation, and infrastructure deficits, further complicating Nigeria's economic challenges.
Consequently, it could be challenging for many users to afford uLesson's educational subscriptions. As stated on the company's website, the minimum 3-month plan is priced at ₦20,000, the 6-month plan at ₦50,000, and the lifetime plan at ₦150,000.
Although it remains uncertain whether uLesson adjusted these subscription fees before the announcement on X, users will now enjoy a significant reduction, paying only half of the original costs.
Sim Shagaya founded uLesson in 2019 to bridge educational gaps for K-7 to K-12 students across Africa by providing affordable, high-quality, and accessible education through technology.
The online learning app offers several subjects, including mathematics, English language, basic technology, business studies, physics, economics, literature in English, and financial accounting.
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The company also helps students prepare for the West African Senior School Certificate Examination (WASSCE), Joint Admissions and Matriculation Board (JAMB), National Examination Council (NECO), and General Certificate Examination (GCE) examinations.
Students in several African countries, including Uganda, South Africa, Sierra Leone, Liberia, the Gambia, Kenya, and Rwanda, can access live lessons, video libraries, mock exams, homework help, tests, and quizzes on the platform.
The company emphasises that its educational content undergoes meticulous design, implementation, and review by subject matter experts, encompassing engaging videos, interactive animations, quizzes, and tests.
But at a time when companies such as Jumia are downsizing and laying off employees, uLesson is taking a different approach, offering a significant 50% decrease in subscription rates. This raises the question of who will bear the brunt of this cost-cutting measure: service providers or the company.
Having secured a total of $25.6 million in funding across four rounds, with the latest being a Series B round on December 9, 2021, the company's rationale for reducing subscription fees during a funding downturn may stem from strategic considerations aimed at maintaining accessibility and competitiveness in the edtech market.
Perhaps, the company is working on something else, like launching a product for secondary school students. Whatever the case is, time will tell.
