Each year 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.
Good news is that students in tertiary institutions will now have an option of receiving their HELB loans and bursaries straight to their M-pesa accounts after Higher Education Loans Board (HELB) partnered with Safaricom to roll out a smart mobile payment solution.
According to the partnership that was roll out on 2nd March 2021, smart mobile payment solution will see to it that students use the allocated funds responsibly. This will be achieved since funds will be 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.
Students upkeep allowance can now be transferred into the student’s M-PESA wallet for everyday use.
This partnership will create efficiencies for all stakeholders by reducing queues during registration as students will pay through their mobile phones. In addition, there will be effective management and monitoring of all loans throughout the loan lifecycle.
The platform also 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.