Students in higher education institutions can now access and manage their HELB loans through M-Pesa. The solution was launched by the Higher Education Loans Board (HELB) in partnership with Safaricom on 27th April during the 2023 HELB Universities Consultative Forum.
The mobile wallet payment solution is available through the Safaricom M-PESA App and HELB USSD code *642#. It allows students to apply for subsequent loans, view their loan status and statements, withdraw funds for upkeep, and repay their loans using their mobile phones.
The solution is expected to serve over 420,000 students annually and promote responsible spending of the loans. The funds are locked for specific purposes, such as tuition or library fees, which can only be paid to the Paybill account of the student’s university or TVET institution.
HELB CEO Charles Ringera said that the solution will enhance efficiency and accountability in their operations and improve the experience of the beneficiaries. He also said that they are working on integrating Airtel and Telkom mobile payment options for the students.
HELB Chairman Rt. Hon. Ekwee Ethuro said that they strive to ensure that the borrowing customers, students, get a delightful experience. He encouraged students studying in universities and TVET colleges to embrace this initiative, which provides them with an efficient solution for HELB loan fund access and management.
The solution also benefits the graduates who have completed their studies and need to repay their loans. They can track their payments and generate loan statements through the mobile wallet payment solution.