Safaricom has partnered with the Higher Education Loans Board to roll out a smart mobile payment solution for students in tertiary institutions.
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
“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,” Chief Financial Services Officer Sitoyo Lopokoiyit said.
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 Sh15 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.