HELB partners with Financing institution for Penalty Amnesty
The Higher Education Loans Board [HELB] has partnered with financial institutions in Kenya on the Amnesty Waiver loan from financial institutions. The Amnesty has been going on since 6th May 2013 to enable the loanees who have accumulated penalties as per HELB ACT CAP 213 of 1995 section 15 (1) and (2) and are willing to clear the outstanding balances in lumpsum. One of the core functions of the Board is to recover loaned out funds to support the ever increasing number of students pursuing higher education.
Speaking while launching the product at Sanvalencia hotel, Mr. Charles Ringera, Chief Executive Officer and Board Secretary HELB said, “The launch of the partnership will enable financial institutions to advance loans for the discounted amount for the clients within the Amnesty period that comes to an end today June 6th 2013 but now being extended to July 7th 2013 to accommodate the last minute rush that has characterized this last week of the Amnesty period. We are therefore partnering with Financial Institutions in the last month of this amnesty to make it easier for loanees willing to pay but find it difficult to raise the lumpsum to approach any of the partnering banks to access loans in order to ease their financial burden.”
HELB at ICPAK Conference
The Higher Education Loans Board participated in the ICPAK conference held in Mombasa as from 28th to 31st May 2013 at the Pride inn Hotel. The conference brought over 1000 accountant together. The Board showed cased their products during the conference. In attendance were the Mombasa Senator, Hon Omar Omar Ahmed, and the Higher Education Loans Board Chief Executive Officer & Board Secretary who encouraged the members of ICPAK to take advantage of the Penalty Amnesty Waiver the Board had given for loanees who were not servicing their loans. HELB has been working closely with the professional bodies to widen and deepen loan recoveries.
HELB Annual Student Conference
The Higher Education Loans Board held a three day conference with her stakeholders in Maanzoni on 12th to 14th June 2013. The Conference that brought together the Deans of students and student leaders from all the private and public universities deliberated on issues affecting financing of higher education. Speaking during the opening ceremony, Mr. Charles Ringera, Chief Executive Officer said, “The Board has now started offering financial support to students in technical and vocational training institutions limited to those within the Ministry of Education, Science and Technology.”
NSSF Boost to the Education Sector
The Higher Education Loans Board [HELB] has partnered with the National Social Security Fund [NSSF] to support loan repayment compliance. Other areas of collaboration include data access, experience sharing, corporate social responsibility and product development, among others. The two institutions signed a Memorandum of Understanding today to this effect at the NSSF headquarters in Nairobi. The CEO of HELB Mr. Charles M. Ringera signed on behalf of HELB while NSSF was represented by the CEO Mr. Tom Odongo. The partnership will strengthen HELB’s loan recovery effort. Through this collaboration the board will be able to access NSSF data to help it collect key information necessary to linkage with past HELB loanees. To this end, HELB is already collaborating with the Kenya Revenue Authority, National Hospital Insurance Fund, Retirement Benefits Authority, Central Bank Kenya, SASRA, Capital Markets Authority and credit reference bureaus.
THE HELB – BARCLAYS BANK SCHOLARSHIP FUND LAUNCH
The Barclays Bank Scholarship Fund was launched on 4th September, 2017 at the Stanley Hotel, Nairobi. The 3 year, Kshs 65 million program seeks to benefit 430 Undergraduate University Students with scholarships of Kshs 150,000 each beginning with the current academic year 2017/2018. The fund is an initiative of Barclays Bank and will provide bright but needy university students with tuition, accommodation fees, laptop purchase and upkeep money.
The scholarship fund will be managed by HELB and will primarily benefit students who are orphans or are from single parent households. To drive diversity and inclusion, beneficiaries will meet a 50:50 gender split with at least 4% of the beneficiaries being persons living with disabilities. Beneficiaries will be drawn from all the 47 counties. In his speech, HELB CEO, Mr. Charles Ringera acknowledged that over the last 4 years HELB has aggressively sought external sources of funds and so far brought on board 15 partners with total funds in excess of Kshs 1.5B. Barclays Bank Kenya therefore joins this list of partners and HELB is pleased to bring on board expertise in higher education student financing operations.
Since inception, 22 years ago, HELB has supported over 620,000 Kenyans to pursue higher education at a total cost of Kshs. 65B and now boasts a robust Balance Sheet in excess of Kshs. 85B. We appreciate that the Government has within the last 4 years increased capitation to HELB from Kshs. 2.6B in 2012/13 to Kshs. 7.7B in 2017/18. In 2017/18 HELB intends to fund 294,000 students, 244,000 in University and 50,000 in TVET colleges at a total cost of Kshs. 13.2B. Since 1974, 320,290 loan accounts worth Kshs. 40B have matured for repayment, while 209,351 loanees holding Kshs. 20.04B have not matured. To date, a total of 111,543 loanees have completed loan repayment valued at Kshs. 11.1B. To date, the Board has recovered loans worth Kshs. 31B with Kshs 4.2B recovered in 2016/2017 alone. All loanees are encouraged to help educate another Kenyan tomorrow by repaying their loans today.