NAIROBI, Kenya,April 27 – Safaricom and the Higher Education Loans Board (HELB) have unveiled the HELB Mobile Wallet that will allow students to receive their loans directly to their M-PESA account.
The two firms have also unveiled the HELB M-PESA Mini App where all HELB beneficiaries can manage their accounts.
The mini app will empower beneficiaries to access their HELB upkeep, withdraw funds, repay loans, apply for subsequent loans, view their loan status and access their statements all from an Android and iPhone app.
“This partnership with Safaricom will empower beneficiaries with even more convenience and greatly enhance the experience when accessing funds and our services. All HELB beneficiaries can now access all our services through the HELB Mini App or by dialing *642# where they can apply for subsequent loans, access their HELB upkeep funds, withdraw funds, view their loan status, access their statements, and repay loans, all from feature phones, an Android and iPhone app,” said Charles Ringera, CEO – HELB.
All M-PESA customers can access the HELB Mini App under the “Services” section on the M-PESA Super App.Read More: HELB M-PESA Mini App, Kenyan Comrades to Receive Helb Loan via M-PESA Mobile Money
Beneficiaries who have already registered their mobile phone numbers with HELB will then key in their phone number upon which they will receive a code to activate the Mini App and set a PIN for subsequent access.
Beneficiaries yet to register their mobile number with HELB will need to key in a phone number registered to the same National ID linked to their HELB account to connect their numbers and activate the Mini App.
“This partnership marks a significant milestone in our support to HELB, whose vision is to provide universal financing for Kenyans, leveraging on the key values of inclusion, equality, and innovation,“ said Safaricom Chief Financial Services Officer, Esther Waititu.
All beneficiaries will have the option to receive the upkeep portion of the HELB loan through M-PESA or the mobile wallet, starting with first year students making their first application.
This option will gradually be rolled out to existing HELB beneficiaries in their second and later year of studies, allowing them to switch to receiving their upkeep on the mobile wallet.
HELB is also working to integrate other mobile money services besides M-PESA into the wallet enabling students to receive funds through those services.
The feature will be deployed in coming months.