In October 2022, Nigeria’s governing financial body announced that the nation would be having new designs for some of its currency notes. By the first week of February 2023, the impact of the redesign was nothing close to what Nigerians had expected. The major outcry is the inadequacy of banknotes in circulation disrupting economic activities, the overload on online operations of banks leading to erratic services and schools were not left out of the policy’s effect. Right before we find out how school owners can ameliorate this situation, let’s take a closer look at the effect on schools.

• Financial stress on parents

Most premium schools need parents’ patronage to be in business. However with recent developments, some parents of wards may find it challenging to meet up with the financial needs of their ward’s educational requirements. This is true, especially for parents and guardians who beforehand relied on the flow and use of cash to carry out their business or economic operations. If conditions are critical, your school may risk losing such students due to the economic downturn.

• Commuting Teachers

The nation’s transportation sector does not have a working system that supports a cashless economy. You would have to pay motorcycle operators, buses and taxis in cash to procure their services. In light of recent developments, many teachers find it a challenge to shuttle down to the school premises, especially for those whose residences are not close to the school premises. If not properly managed, this may result in a shortage of staff during school hours and consequently, inadequate lessons for students.

Managing The Challenges

• Mental Health Approach

Research proves that financial stress is a major contributor to mental health issues. The teaching profession requires a teacher to be passionate, enthusiastic and in the right frame of mind. However, the impact of the limited cash in circulation has caused untold hardship among citizens and this may cause some level of financial stress for teachers too. The school may want to spread the aura of positivity within the premises through wallpapers, door tags or banners around the assembly ground.

• Parents

As a school owner, you can only control what happens within your school premises. There’s almost nothing you can do about the effect of the policy change on students’ families. However, you should utilise every opportunity to encourage parents who may be going through hard times with the change. You can explore text or email messaging or any channel that can be useful in communicating hope and encouragement.

• Financial Computing

With the transition to a cashless economy, many financial activities within the school will be carried out online, this makes record-keeping and computing seamless and less prone to human errors. The payment of tuition fees, purchase of educational materials, payment for excursions by students, and expenses made by the school among others can now be easily computed and reported.

 With such a development, you can more easily prepare a financial statement before visits from educational boards or relevant authorities and correspondences. This is a good one for schools that care about financial integrity and are prudent financial actors.

• Empathy

At this point in our national history, it is expedient to be empathetic to members of staff as they may have difficulty balancing the effect of the policy and their duties. Teachers may want to double down on the empathy approach to teaching and relationship with students. As a school owner, you should also look out for yourself and your mental health as your school will reflect your mindset and mental level.

 About Molly Distinct Consult

We are Nigeria’s foremost teacher recruitment agency, improving quality education by recruiting professional and passionate educators for premium schools. We boast of hundreds of qualified and highly sought-after teachers in our database, from where we have helped premium schools meet their teacher needs. Our taste for excellence has etched our name in the good books of proprietors and school administrators nationwide.

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