How to pay School Fees with Cryptocurrency in Kenya.

The adoption of cryptocurrency in Kenya has increased at a high rate in recent years. In the current times, in addition to trading and investing in digital currencies such as Bitcoin, Ethereum and USDT are being utilized to carry out real time transactions. Among the most thrilling ones, there is the possibility to pay school fees with crypto in Kenya. This innovation is starting to be adopted by parents, guardians and students as schools and fintech platforms go to blockchain-based payment systems.

Can You Pay School Fees in Kenya using Crypto?

Yes. In Kenya, there are various schools and universities that are considering crypto payment systems, especially the privates. Furthermore, various crypto payment gateways have also been established in Kenya which enable parents to exchange crypto with Kenyan shillings and send school fees through them to school accounts.

This is a breakthrough to online parents, freelancers or investors who receive payments in digital currencies.

Advantages of Crypto School fee payments in Kenya.

• Quick Payments – Cryptocurrency transactions can be made in just several minutes compared to a normal bank transfer that can take days.
• Reduced Transaction Costs – School fee payments (via Bitcoin or stablecoins) are frequently associated with low transfer fees (when compared to bank fees).
• Borderless Payments – Money can be sent instantly in real-time by parents abroad to cover school fees in Kenya without expensive remittances companies.
• Financial Flexibility – As an increasing number of people are making money in crypto, direct payment removes the hustle of various conversions.
• Transparency and Security – Blockchain makes all transactions traceable and secure.

How to Pay School Fee in Kenya with Cryptocurrency in 5 Steps.

1. Choose a Crypto Wallet.

Store your cryptocurrency in a reliable wallet such as Binance Pay, Coinbase Wallet or Trust wallet.

2. Choose a Payment Gateway or an Exchange.

You can use platforms like Binance, Yellow Card and LocalBitcoins (peer-to-peer) to exchange crypto to Kenyan shilling and have it sent directly to schools.

3. Check whether the School Accepts Crypto.

In Kenya, there are certain private universities and schools that can accept direct crypto paying of school fees. Otherwise, exchange it to KES and use M-Pesa, bank transfer, or Paybill to pay it.

4. Complete the Transaction

Provided that direct crypto payment is permitted, scan the school crypto QR-code and transfer the Cash. Otherwise, sell your crypto to KES and remit through M-Pesa school fees Paybill number or bank transfer.

5. Keep Proof of Payment

Transaction IDs and receipts should be saved always and this ensures accountability.

Kenyan schools are looking into crypto payments.

Although it has not been embraced in every school, a few private schools and universities in Nairobi, Eldoret, and Mombasa are willing to accept crypto as fintech partners. This is set to increase as Kenya continues to lead the way in the use of cryptocurrencies in Africa.

Challenges of Paying School Fees with Crypto.

• Regulatory Uncertainty – Central Bank of Kenya has not completely regulated the use of crypto in the school payments.
• Volatility – Cryptocurrencies such as Bitcoin may vary in price and, therefore, stablecoins (USDT, USDC) are a better choice.
• Very small Acceptance – Cryptocurrency is not yet widely accepted in schools.

It is no longer a far-fetched reality that school fees in Kenya could be paid using cryptocurrency. As more blockchain technology and crypto payment gateways are adopted in Kenya, parents and students now have access to cheaper, more flexible and quicker payment methods.

With the increasing use of digital payments by more institutions, Kenya will emerge as a leader in crypto-based education payments in Africa.

This article is for informational purposes only and not financial advice.