Higher Education Loans Board (HELB) in a partnership with Safaricom has rolled out a smart mobile payment solution to help students of tertiary institutions to access and utilize their loans and bursaries.
The agency, which sources funds and provides loans, scholarships and bursaries to Kenyans studying in institutions of higher learning, focused on increasing convenience and efficiency with the Mobile App, reducing the rather tiresome, long process to just a few touches.
In a statement, Safaricom said it will help the agency to promote responsible spending with the funds locked for specific allocations, such as tuition or library fees only accessible to the specific Paybill account of the recipient’s University or TVET institution.
The students’ upkeep allowance can now also be transferred into the student’s M-Pesa wallet for everyday use.
Safaricom Chief Financial Services Officer Sitoyo Lopokoiyit said the technology today is not only revolutionising every aspect of our lives but also creating opportunities to enhance efficiency and accountability.
“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 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,” he said.
Helb disburses over Sh15 billion to over 200,000 beneficiaries annually.
