HELB and Safaricom have partnered to launch a new solution that will see students use funds provided by the former in a responsible manner.
The platform is mart mobile money payment solution that will target HELB recipients in tertiary institutions.
HELB says that the product will see it promote responsible spending by locking funds for their specific allocations, be it tuition or library fees.
The funds would only be accessible to a specific paybill account of the recipient’s college.
The platform will also see students access their upkeep allowance from M-PESA.
“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.
The platform will be available on USSD and through a smartphone app that is under development.
Through the app or USSD, students will access their loan allocation, balances and statements.
The solution also allows them to furnish HELB loans. There will be effective management and monitoring of all loans throughout the loan lifecycle.
HELB says that it disburses more than KES 15 billion to over 200000 students every year.
“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.