Safaricom Launches App to Help Students Spend HELB Loans Responsibly

The service will also allow students and graduates to keep track of repayments and generate statements

Safaricom on Tuesday, March 2 unveiled a partnership with the Higher Education Loans Board (HELB), rolling out a smart mobile payment solution for students of higher learning institution allowing them to access or utilize their loans and bursaries.

The service will be accessible via USSD or a mobile app, and is expected to serve a wide range of purposes. Notably, the solution is designed to promote responsible spending of student loans by locking in funds for specific allocations, such as tuition or library fees.

The locked in funds will only be payable to the specific Paybill account of the recipient’s University or TVET institution. Students will be able to transfer funds they have allocated for their upkeep to their regular M-Pesa wallets.

HELB stated that the solution marked a major milestone in their digitization strategy.

Importantly, the service will also allow students and graduates to keep track of repayments and generate statements.

Safaricom and HELB officials pose after unveiling a partnership on March 2, 2021
Safaricom and HELB officials pose after unveiling a partnership on March 2, 2021

Users of the solution will benefit from other features including notifications and the financial planning tool.

READ>>>>>What Safaricom Would Look Like Broken Up as MPs Push to Split Telco

“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,” Safaricom noted in a statement.

HELB CEO Charles Ringera noted that the solution was ideal to transform management of student loans as the current crop of youth is quite savvy having grown up around technology.

“This rollout 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,” he asserted.

The platform grants HELB visibility of funds from various sources, which it can aggregate, reconcile real-time and report to its financiers.

The students upkeep allowance can now also be transferred into the student’s M-PESA wallet for everyday use.

Safaricom, on the other hand, highlighted the transformative opportunities afforded by technology in different areas.

“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,” noted Chief Financial Services Officer Sitoyo Lokopoiyit.

READ ALSO>>>>>Allow Young Mothers Back to School Unconditionally

Latest

Whipped and Stripped! A Survivor’s Tale of Harrowing Brutality in a Mental Hospital

The lack of a long-term vision and inadequate resourcing of mental hospital infrastructures continues to take a toll on Kenya’s mentally ill patients.

Dubai Agency Picks Top Influencer Marketers to Lead Kenyan Operation

This strategic move is in line with indaHash vision to cement its presence in Africa, following its impactful footprint in South Africa since 2017 and successful collaborations with clients like the South African Tourism Board.

SportPesa to reward Customers in Cash-Filled Festive Promotion

Running from December 4th to 25th, the SportPesa campaign promises daily excitement with six lucky winners expected to walk away with Ksh5,000 daily.

Captain William Ruto: President’s Namesake With a Decorated Career

Captain William Kipkemboi Ruto is officially known by the name William Ruto, which also happens to be President William Samoei Ruto’s official name.

Follow Us

Newsletter

Don't miss

Tusker Oktobafest Rolls East African Cultures into One

From regional events across Kenya to inaugural gatherings in Uganda and Tanzania, and the Tusker Oktobafest grand finale in Nairobi, the festival harmonized traditions, celebrated diversity, and highlighted the rich cultural tapestry of the East African culture

Lupita’s Little Brother Junior Nyong’o Charting His Own Path in Acting

Junior Nyongó, who is also a musician and a DJ and now a graduate of UC San Diego with an MFA in Acting, is crafting his own solid path in the world of acting with roles in major theatre productions.

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.
MARTIN SIELE
MARTIN SIELEhttps://loud.co.ke/
Martin K.N Siele is the Content Lead at Business Today. He is also a Quartz contributor and a 2021 Baraza Media Lab-Fringe Graph Data Storytelling Fellow. Passionate about digital media, sports and entertainment, Siele also founded Loud.co.ke

Whipped and Stripped! A Survivor’s Tale of Harrowing Brutality in a Mental Hospital

The lack of a long-term vision and inadequate resourcing of mental hospital infrastructures continues to take a toll on Kenya’s mentally ill patients.

Dubai Agency Picks Top Influencer Marketers to Lead Kenyan Operation

This strategic move is in line with indaHash vision to cement its presence in Africa, following its impactful footprint in South Africa since 2017 and successful collaborations with clients like the South African Tourism Board.

SportPesa to reward Customers in Cash-Filled Festive Promotion

Running from December 4th to 25th, the SportPesa campaign promises daily excitement with six lucky winners expected to walk away with Ksh5,000 daily.

LEAVE A REPLY

Please enter your comment!
Please enter your name here