On Thursday, the Higher Education Loans Board (HELB) announced a new application that college and university students can now use to retrieve their loans.
During the 2023 HELB Universities Consultative Forum, the HELB Mobile Wallet Payment Solution was unveiled in association with telecom behemoth Safaricom.
Through the Safaricom M-Pesa Mini App and the HELB USSD code *642#, eligible students can access the solution, which enables them to apply for loans, view loan statuses, and repay loans.
“The higher education institutions continuing students can receive notifications and access the utilization statement for financial planning; while the beneficiaries who have graduated can track their payments and generate loan statements,” said the State body in a statement.
HELB further announced that plans are also underway to introduce a similar payment solution for Airtel and Telkom networks.
According to HELB CEO Charles Ringera, the new solution has the potential and capacity to serve approximately 420,000 students who apply for the loans annually.
“With the launch of the mobile wallet payment solution, HELB alms at providing a simple digital customer journey for the management of student loan funds,” said Mr. Ringera.
HELB Chairman Ekwee Ethuro, on his part, urged students to take up the new solution which he labelled an efficient solution for the loan fund’s access and management.
“We remain committed to playing our part in improving citizen service delivery and therefore strive to ensure that the borrowing customers, student, get a delightful experience. The loan beneficiaries will be expected to, in-turn, repay the loan after completion of their studies in order to create a revolving fund for future generations,” he said