Education Currency: A Loyalty Program Revolutionizing Education Financing

Transforming Credit Hours into Education Opportunities

Education is often considered the most valuable long-term investment one can make. However, the rising costs of education can pose significant financial challenges for many individuals and families. Recognizing this issue, Youssef Abdel Zaher drew inspiration from his experience in the banking sector to create a solution that would enable people to save for their education expenses while also supporting the education sector as a whole.

The Education Currency loyalty program operates through a partnership between a bank and an education institution. Cardholders earn rewards in the form of learning hours rights, which accumulate to credit hours rights based on their spending with the co-brand bank card. These accumulated credit hours rights can then be redeemed for education courses at the partner education institution.

What sets Education Currency apart is its incorporation of a profit share scheme between the bank and the education institution. In exchange for the credit hours rights given to cardholders, the bank enters into a profit share agreement with the institution. This arrangement ensures a balanced distribution of benefits to all parties involved.

From a technical standpoint, Education Currency utilizes various components, including bank cards, POS terminals with integrated banking card readers, loyalty program software, and administration systems. These systems enable cardholders to register for the loyalty program, check their rewards balance, and ultimately redeem their credit hours rights for education courses.

The implementation of Education Currency presents numerous advantages. Firstly, it provides individuals with a means to financially support their education goals, making education more accessible and affordable. Secondly, it offers education institutions earlier cash streams through the profit share agreement, which can alleviate the burden on national education budgets.

Youssef Abdel Zaher's design journey for Education Currency was not without its challenges. Extensive research into loyalty program computer systems for co-brand bank cards was necessary to find a relevant foundation to build upon. However, his perseverance paid off, resulting in a truly innovative and impactful solution.

Recognizing the significance of this design, Education Currency was awarded the prestigious Iron A' Design Award in 2015. This accolade is a testament to the practicality, innovation, and industry requirements met by this revolutionary concept.

Education Currency is not just a loyalty program; it is a catalyst for change in the education financing landscape. By transforming credit hours into education opportunities, this design has the potential to empower individuals and transform the education sector as a whole.