HELB Now to Disburse Loans Via M-PESA Aiming at Reducing Irresponsible Expenditure.
Higher Loans Education Board has today on March 2, 2021 at CEO’S Lounge signed a partnership with Safaricom to enable students receive their loans through M-PESA. This comes with some restrictions which are set to reduce irresponsible spending of money. For example, tuition or library fees will only be accepted to specific Paybill accounts of the university or TVET institution to receive the amount. The upkeep money can be sent everyday into the student’s wallet for usage.
Students can now view their loan allocations, Current balances and loan statements through the HELB USSD. The students can also make payments using the USSD. This will reduce long queues during registration and hence can pay the loan with their phones making it efficient to receive the HELB services. This also will make monitoring of this loans easy through the loan cycle. This has been passed by Safaricom Chief Financial Services Officer, Sitoyo Lopokoiyit and HELB Chief Executive Officer, Charles Ringera.