HELB, Safaricom launch mobile wallet payment solution for students

HELB, Safaricom launch mobile wallet payment solution for students

In a bid to ease the burden of accessing and utilizing their upkeep loans, the Higher Education Loans Board (HELB) has partnered with Safaricom to launch a mobile wallet payment solution for students in tertiary institutions. The solution will enable students to access and utilize their HELB loans and bursaries through their M-PESA mobile wallets.HELB, Safaricom launch mobile wallet payment solution for students

This partnership comes as a relief to many students who have been struggling to access their loans due to the cumbersome process of physical disbursement. With the introduction of the HELB Mobile Wallet Payment Solution, students can now receive their upkeep loans directly to their M-PESA accounts, eliminating the need to visit HELB offices to collect checks or access their loans through banks. This move is expected to enhance efficiency, reduce waiting time, and promote financial inclusion among students in higher education institutions.

Moreover, the HELB Mobile Wallet Payment Solution is expected to provide a secure and convenient way for students to access their loans. The solution is designed to ensure that only the rightful beneficiary can access the funds, thus reducing the risk of fraud and theft. With the use of mobile money, students can also easily track their loan disbursement, repayment, and balance, enabling them to plan and manage their finances better. Overall, the launch of this mobile wallet payment solution is a significant step towards promoting financial inclusion and enhancing access to education for students in Kenya.

Background

Overview of HELB

The Higher Education Loans Board (HELB) is a state corporation that provides financial assistance to Kenyan students pursuing higher education. It was established in 1995 to provide affordable loans, bursaries, and scholarships to students in public and private universities, colleges, and other tertiary institutions. The loans provided by HELB cover tuition fees, accommodation, and other expenses such as books and stationery.

HELB has been instrumental in enabling thousands of Kenyan students to access higher education, which would otherwise be inaccessible due to financial constraints. The loans are repayable after graduation, with a grace period of one year. The repayment period is usually ten years, with an interest rate of 4% per annum.

Overview of Safaricom

Safaricom is a leading telecommunications company in Kenya, providing mobile and fixed-line voice and data services to over 35 million customers. It was established in 1997 and is partly owned by the Kenyan government. Safaricom has been at the forefront of innovation in the telecommunications industry, introducing various products and services that have transformed the way Kenyans communicate.

Safaricom is known for its flagship product, M-PESA, a mobile money transfer service that allows users to send and receive money, pay bills, and access other financial services using their mobile phones. M-PESA has been a game-changer in Kenya, especially in rural areas where access to traditional banking services is limited.

HELB and Safaricom have partnered to launch a mobile wallet payment solution for students in higher education institutions. The solution will enable students to access and utilize their HELB upkeep loan using their mobile phones.

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