Safaricom PLC has today teamed up with the Higher Education Loans Board (HELB) to launch a smart mobile payment solution for university and college students. With this new solution, students will be able to easily access and utilise their loans and bursaries via the M-PESA mobile wallets.
According to the telco, the solution will be used by HELB to promote responsible spending with the funds locked for specific allocations. This includes tuition and library fees whose funds will be only accessible to the specific Paybill account of the recipient’s university or college.
Additionally, the student’s upkeep allowance will also be transferred into their M-PESA wallet for everyday use.
“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,” said Sitoyo Lopokoiyit Safaricom’s Chief Financial Services Officer.
Students will now have the option of HELB USSD and the mobile app once completed to use for viewing their loan allocations, current balances, statements and make payments.
“The rollout of this smart solution 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,” said Charles Ringera, HELB’s Chief Executive Officer.
The new solution is aimed at creating efficiencies for all students registered for higher education loans by reducing queues during registration as they can now pay through their mobile phones.