Safaricom and the Higher Education Loans Board (HELB) have joined hands to introduce the HELB Mobile Wallet, aimed at enhancing the experience of students in receiving their loans. The platform will enable students to receive their loans directly to their M-PESA accounts, providing them with the convenience they need to manage their finances. The two firms have also launched the HELB M-PESA Mini App, where all HELB beneficiaries can manage their accounts.
The mini app has been designed to 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 will enable students to manage their finances effectively and efficiently, providing them with the tools they need to succeed in their studies.
HELB CEO Charles Ringera stated that the partnership with Safaricom would empower beneficiaries with even more convenience and greatly enhance their experience when accessing funds and services. He further added that all HELB beneficiaries could now access all services through the HELB Mini App or by dialing *642# where they could 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.
All M-PESA customers can access the HELB Mini App under the “Services” section on the M-PESA Super App. Beneficiaries who have already registered their mobile phone numbers with HELB can activate the Mini App using a code and set a PIN. Those who have not registered their mobile numbers will need to link a phone number registered to the same National ID linked to their HELB account to activate the Mini App.
Safaricom Chief Financial Services Officer, Esther Waititu, said that the partnership marked a significant milestone in their support to HELB, whose vision is to provide universal financing for Kenyans, leveraging on the key values of inclusion, equality, and innovation.
The introduction of the HELB Mobile Wallet is a great step forward in providing students with the necessary tools to manage their finances effectively. The convenience of receiving loans directly to their M-PESA accounts, combined with the HELB M-PESA Mini App, will enable students to keep track of their finances and repay loans easily. This will go a long way in reducing the stress and financial burden on students, enabling them to concentrate on their studies.