Students to access their HELB loans for the first time ever via their M-PESA Mobile Wallets
Nairobi, Kenya – 2nd March 2021
Higher Education Loans Board (HELB) and Safaricom (NSE: SCOM) has today partnered with to roll out a smart mobile payment solution for students of tertiary institutions to access and utilise their loans and bursaries.
The solution will aid HELB 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.
“Technology today is not only revolutionizing 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 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 KSh. 15 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 solution will create efficiencies for all stakeholders by reducing queues during registration as students can now pay through their mobile phones. There will be effective management and monitoring of all loans throughout the loan lifecycle.
“The rollout of this smart solution marks a major milestone in our digitization journey. It not only enhances efficiency in our operations, but also enables us to step up the experience of beneficiaries, who are digital natives. The solution will allow the student to access and make transactions within the solution’s ecosystem,” said Charles Ringera, HELB’s Chief Executive Officer.
The platform grants HELB visibility of funds from various sources, which it can aggregate, reconcile real-time and report to its financiers. Continuing students can receive notifications and utilize a financial planning tool on the portal; while those who have graduated can track their repayments and generate statements.
Ends…
About Higher Education Loans Board
The Higher Education Loans Board [HELB] is a state body established by an Act of Parliament – CAP 213A in 1995 mandated to provide loans, bursaries and scholarships to Kenyans pursuing higher education in recognized Kenyan Universities and Colleges and to recover the same after completion of studies to facilitate establishment of a revolving fund. The Board is therefore well aligned to Chapter 4, Section 43 (1) (f) of the Constitution of Kenya 2010, that every person has the right to education.
In case of any queries, contact Ms. Wavi Mungala, Head of Corporate Communication & Customer Experience on wmungala@helb.co.ke
About Safaricom
Safaricom transforms lives.
We provide voice, data, financial services and enterprise solutions for a range of customers, small businesses and government, using a variety of platforms. We delight over 35.6 million customers, providing over 200,000 touch points for our customers and offering over 100 different products under our portfolio.
Listed on the Nairobi Securities Exchange and with annual revenues in excess of KES 200 Billion, Safaricom invested KES 36 billion in infrastructure this year, providing over 94% of Kenya’s population with 3G coverage, over 77% of the population with 4G coverage, and providing 2G coverage to 96% of Kenyans. Safaricom has harnessed its proprietary fibre infrastructure to build a dedicated enterprise business, which provides managed I.T. services to clients in the East African region.
Safaricom pioneered commercial mobile money transfer globally through M-PESA, the most successful service of its kind anywhere in the world. Launched in March 2007, M-PESA now has over 24 million active customers and over 173,000 M-PESA Agent outlets countrywide.
For more news, please visit: https://www.safaricom.co.ke/about/media-center/publications/press-releases
For media-ready photos, visit: https://www.flickr.com/photos/safaricom_pr
For further information, please contact
Safaricom PR & Corporate Communications
Phone: +254 722 005211
PRComms@Safaricom.co.ke