The Higher Educational loans Board(HELB) has announced that student’s can now access their upkeep via their M-PESA wallets.
HELB has signed a partnership deal with Safaricom which will see them rolling out a smart mobile payment solution for students in tertiary institutions to access their loans and bursaries.
“We are pleased to support the Higher Education Loans Board to deploy a solution that suits the digital lifestyle of students in tertiary institutions,” said Sitoyo Lopokoiyit, Chief Financial Services Officer, Safaricom.
Students can access the system through HELB USSD and the mobile app once completed from where they will view their loan allocations, current balances, statements and make payments.
HELB disburses over KSh15 billion to over 200,000 beneficiaries annually. Part of the loan is usually channeled directly to the learning institution to settle part of the tuition and accommodation fees while the rest is sent to the student for upkeep.
The move will also reduce queues during registration as students can now pay their loans through their mobile phones.
HELB Launched a digital application in July last year where continuing students can receive notifications and utilise a financial planning tool on the portal; while those who have graduated can track their repayments and generate statements.
HELB has lauded the latest development. The lender says that the the technology will help them achieve the following;
- Evidence based date in regard to where and to who the money was disbursed
- Cost minimization on disbursement both to the students and HELB
- Versatility in what the owner of the money can use in utilizing the funds through disbursements – tap and go for the students through NFC technology that we understand Safaricom is about to rollout
- HELB needs to understand its customers the student much better through analytics, this will be possible through Mobile money disbursements
- Efficiency is a hallmark for HELB, students should not think about their loan but about their studies, this gives the peace of mind to execute that efficiently.