uLesson cuts subscription prices by 50% to help Nigerians cushion against economic hardship

Sim Shagaya, the Founder and CEO of uLesson, which is a popular digital learning platform, has announced a significant 50% reduction in subscription prices on its app, according to Technext. Shagaya shared this news via a tweet on his profile, emphasizing the move as a means to support Nigerian households facing economic challenges under the current Federal Government led by Bola Ahmed Tinubu.

In his tweet, Shagaya mentioned that the price cut is a response to the hardships many Nigerian families are experiencing due to economic policies. He expressed his intention to provide support to families not just during these tough times but also in the future.

“These are difficult times for households. uLesson will drop educational software subscription prices by 50 per cent indefinitely to support Nigerian families through this period and beyond. I pray strength and resilience for everyone,” the CEO stated in the tweet.

Nigerian families are grappling with severe economic challenges, particularly after the removal of fuel subsidies in May, leading to a drastic increase in fuel prices and subsequent rises in transportation costs and commodity prices. Insecurity in the northern regions, a major food-producing area, has also resulted in the displacement of farmers, contributing to food production challenges and a surge in food inflation.

The country is currently facing an overall inflation rate of 29.9%, with projections from the International Monetary Fund indicating a potential peak at 44%. The depreciation of the Nigerian currency, valued at $1 to N1750, further compounds the financial strain on households. Despite these challenges, the minimum wage remains at N30,000.

uLesson, founded in 2019 by Sim Shagaya, has shown growth since its official launch in March 2020, garnering 40,000 downloads within four weeks. The edtech startup raised $7.5 million in Series A funding in January 2021, totaling $10.6 million across three funding rounds. Despite the economic difficulties, the recent 50% reduction in subscription prices demonstrates the company’s commitment to making its educational services more accessible to users across Africa. Shagaya had previously expressed the company’s ambition to address diverse online learning needs in the post-COVID-19 era, backed by significant funding.