Higher Education Loans Board (HELB) beneficiaries in Kenya can now receive their loan disbursements through the mobile money service M-PESA, thanks to a new partnership between the board and Safaricom.
The two entities have launched the HELB mobile wallet and HELB-PESA mini-application to enable students to receive the upkeep portion of their loans directly to their M-PESA accounts. The HELB-M-PESA mini-app will also allow students to manage their accounts with ease. It will enable them to access their HELB upkeep funds, withdraw funds, repay loans, apply for subsequent loans, view their status, and access their statements from Android or iPhone apps.
HELB CEO Charles Ringera said, “The partnership will empower beneficiaries with even more convenience and greatly enhance their experience when accessing funds and our services.”
Safaricom CEO Peter Ndegwa added, “Through this partnership, we will build and deliver mobile and digital solutions that will further empower all beneficiaries with more convenience by enabling them to easily access and manage Helb funds and services on their mobile phones.”
The rollout of this service will commence with first-year students making their first loan application, before gradually expanding to existing Helb beneficiaries in their second and later years of studies. The move is expected to enhance the convenience of accessing HELB funds, making it easier for beneficiaries to manage their accounts while improving their overall experience.