Monday, January 24, 2022

HELB launches App to help pay and access Loans using M-Pesa

Safaricom has today announced a new partnership with the Higher Education Loans Board (HELB) to roll out a smart mobile payment solution for students of tertiary institutions to access and utilise their loans and bursaries.

Students can access the system through HELB USSD and the mobile app once completed from where they will be able to:

  1. view their loan allocations,
  2. their current balances,
  3. their statements and,
  4. make payments.

Safaricom says the solution will help 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.

HELB disburses over KES. 15 billion to over 200,000 beneficiaries annually. Part of the loan is usually channelled 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.

“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 rollout of this smart solution marks a major milestone in our digitisation 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 utilise a financial planning tool on the portal; while those who have graduated can track their repayments and generate statements.

6,091FansLike
2,889FollowersFollow
16,100SubscribersSubscribe

Leave a Reply

Dickson Otienohttps://tech-ish.com
I love reading emails when bored. I am joking. But do send them to editor@tech-ish.com.

More to read:

CMA admits ‘Cashlet’ app for investing in Unit Trusts to Sandbox

Cashlet App from Sycamore Capital is expected to go live in February allowing Kenyans to invest in Unit Trusts straight from their phones.

Telkom Kenya Services Down including Data and Calls

All Telkom Kenya services are currently unavailable including calls and data. The telco has reported a major service interruption ongoing.

Samsung Kenya bets on Online Shopping in new partnership

Samsung has gotten into a partnership with BrandCart Limited to launch an online shop offering deliveries across Kenya

Telkom T-Kash App; Everything to Know

Telkom has recently launched the T-Kash App allowing customers to access all mobile money services from one app. Here are my thoughts

OPPO A16K and OPPO A55 officially launched in Kenya

OPPO has officially launched the OPPO A16K and the OPPO A55 in Kenya. The OPPO A16K costs KES 20,000 while the OPPO A55 costs KES 26,000.

Netflix increases prices in US & Canada

Netflix has announced increased subscription fees in the United States and Canada in what appears to now be annual expected change.