HELB Revolutionizes Loan Disbursement: Direct Transfer to M-PESA Accounts for Beneficiaries
Safaricom and the Higher Education Loans Board (HELB) have teamed up to introduce the HELB Mobile Wallet and HELB M-PESA Mini App.
With this collaboration, HELB beneficiaries can receive the upkeep portion of their student loans directly into their M-PESA account.
Moreover, the HELB Mini App will permit beneficiaries to manage their accounts, access their HELB upkeep, withdraw funds, repay loans, apply for subsequent loans, view their loan status, and access their statements.
This partnership aims to offer more convenience to beneficiaries and improve their overall experience when utilizing funds and services.
HELB beneficiaries can access all the services offered by HELB through the HELB Mini App or by dialing *642# from their feature phones or via an Android or iPhone app.
To utilize the HELB Mini App, M-PESA customers can navigate to the “Services” section on the M-PESA Super App.
Those beneficiaries who have already registered their mobile phone numbers with HELB will receive a code to activate the Mini App and create a PIN for future access.
However, if a beneficiary has not registered their mobile number with HELB, they will need to link their number to their National ID that is connected to their HELB account.
First-year students who are applying for the HELB loan for the first time will be given the option to receive the upkeep portion of the loan through M-PESA or the mobile wallet.
As for existing HELB beneficiaries, this option will be gradually intr
oduced to them starting from their second year of studies, giving them the ability to switch to receiving their upkeep through the mobile wallet.
Furthermore, Safaricom and HELB are collaborating to integrate other mobile money services, other than M-PESA, into the wallet.
This will allow students to receive funds using those services as well. This new feature will be launched in the upcoming months.
HELB is a government entity that was created through the CAP 213A Act of Parliament in 1995. Its primary objective is to offer loans, bursaries, and scholarships to Kenyan citizens who are pursuing higher education in accredited universities and colleges within the country.
HELB’s role also involves the recovery of these funds after the beneficiaries complete their studies, with the aim of establishing a revolving fund.
- What changes after signing of the statute bill
- Ruto Purchases a New Car at an Auction Yard in Nakuru
- Chaos as Githurai 45 residents clash with police while staging demos
- Charles Owino, Speaker of the Migori County Assembly impeached
- Ichung’wah on a move to have Ruto get a new presidential jet
HELB Revolutionizes Loan Disbursement: Direct Transfer to M-PESA Accounts for Beneficiaries