Students in Kenya now have access to a mobile payment platform to better manage their loans and bursaries.
The country’s Higher Education Loans Board (HELB) says the technology will help promote responsible spending by limiting students’ use of the funds to settling tuition-related fees. However, the students’ upkeep allowances can also be transferred into their M-PESA wallets for everyday use.
The mobile app will also enable them to view their loan allocations, current balances and statements. In addition, graduates can use the platform to track their repayments and generate statements.
‘Technology today is not only revolutionising every aspect of our lives but also creating opportunities to enhance efficiency and accountability,’ says Sitoyo Lopokoiyit, chief financial services officer of Safaricom, which is partnering with HELB on the project.
More than 200 000 students benefit from KES15 billion worth of loans from HELB annually. Part of the loan is usually sent directly to the learning institution to settle a portion of the tuition and accommodation fees, while the rest is sent to the student for upkeep.
