HELB loans 2021: Good News to Varsity and College Students as HELB partners with  Safaricom to Disburse Loans, Bursaries Via Safaricom Mpesa

Students To Start Receiving HELB Loans, Bursaries Via Safaricom Mpesa; HELB News 2021

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HELB loans 2021: Good News to Varsity and College Students as HELB partners with  Safaricom to Disburse Loans, Bursaries Via Safaricom Mpesa

HELB loans 2021: Good News to Varsity and College Students as HELB partners with  Safaricom to Disburse Loans, Bursaries Via Safaricom Mpesa
HELB loans 2021: Good News to Varsity and College Students as HELB partners with  Safaricom to Disburse Loans, Bursaries Via Safaricom Mpesa

Students To Start Receiving HELB Loans, Bursaries Via Safaricom Mpesa; HELB News 2021

The long wait and anxiety accompanying the confirmation of disbursement  of HELB loans will come to an end after Safaricom and HELB reached an agreement which will see loans disbursed via M-Pesa.

Each year, the High Education Loans Board, HELB, disburses over KSh. 15 billion to approximately 200,000 beneficiaries yearly.

Part of the loan is usually sent directly to the students’ learning institutions’ account to cater for part of the tuition and accommodation fees and the rest is sent to the student’s personal account  for upkeep.

Great news  to the students in various tertiary institutions is that they will now have an option of receiving their HELB loans and bursaries straight to their M-pesa accounts after Higher Education Loans Board (HELB) partnered with Safaricom to roll out a smart mobile payment solution.

Read also: How to Apply For HELB Undergraduate Loan 2021/2022 First-Time Application

According to the partnership that was rolled out on 2nd March 2021, smart mobile payment solution will see to it that students use the allocated funds responsibly.

This will be achieved since funds will be 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.

Read also: How to apply HELB Subsequent Loan 2021/2022 via Mobile App or USSD Code

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

This partnership will create efficiencies for all stakeholders by reducing queues during registration as students will pay through their mobile phones. In addition, there will be effective management and monitoring of all loans throughout the loan lifecycle.

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

 

Continuing students can receive notifications and utilize a financial planning tool on the portal; while those who have graduated can track their repayments and generate statements.

 

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