By Roy Hezron
Higher Education Loans Board (HELB) and Safaricom have partnered to roll out a smart mobile payment solution for students of tertiary institutions, which will enable them access and utilize their HELB loans and bursaries for the first time ever through their Mpesa Mobile Wallets.
Speaking during the signing of the HELB Mpesa Mobile Payment Solution at Safaricom headquarters, HELB Chief Executive Officer Charles Ringera said the mobile payment will help achieve a lot in student loan disbursements, key among them being timeliness through mobile technology, accuracy on the phone holder, and cost minimization on disbursement both to the students and HELB.
Ringera further added that the platform will be evidence based date in regard to where and to whom the money was disbursed, and versatility in what the owner of the money can use in utilizing the funds through disbursements. He urged other funders to utilize the mechanism efficiently.
“We want other funders – corporates like Safaricom, counties, constituencies, development partners, parents to utilize the mechanism more efficiently and optimally in decision-making of who to fund. This will improve sustainable financing of students in institutions of higher learning,” he added.
The solution will aid HELB to promote responsible spending with the funds locked for specific allocations, such as tuition or library fees and 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 Mpesa 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 HELB to deploy a solution that suits the digital lifestyle of students in tertiary institutions,” said Sitoyo Lopokoiyit, Safaricom’s Chief Financial Services Officer.
“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,” noted Ringera.
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.
