Safaricom Launches HELB M-Pesa Wallet For University Students
A financial product for University students dubbed HELB M-Pesa Wallet has been launched in collaboration with the Higher Education Loans Board (HELB) and Safaricom M-Pesa.
The aim of this product is to improve the digital money management among students. This will be done by increasing convenience for the disbursement of student payments.
Using the HELB M-Pesa mini app, students can be able to withdraw their funds, access their HELB upkeep, repay loans, apply for subsequent loans, view their loan status and access their HELB statements using this mini app available for Android and iphone.
“We seek to provide our customers with payment solutions.” We are also open about banking solutions that enhance customer experience for the beneficiaries with more convenience and enhance their options when Accessing funds and services,” Charles Ringera , HELB CEO said.
How to Use The App
Those who are beneficiaries can now access the HELB services either by using the mini app or by dialling the USSD code *624#.
If you download the M-pesa super app from the play store, you can access the HELB mini app under the ‘Services’ section.
Those beneficiaries who have registered their mobile number with the HELB can now register in the app using the same number and will receive a code that will enable you to activate the app and also set your preferred pin.
If you are beneficiary of HELB and your number is not registered with HELB, you can enter your number associated with your ID used during HELB application to connect your number with HELB and also activate the Mini App.
The launch of this product was announced at the consultative Forum in Naivasha held by the Higher Education Loans Board (HELB).
The forum is conducted after every two years to look into ways of funding higher education in Kenya.
“Currently, a total of 318,308 loan accounts worthy Ksh49.17 billion are in repayment while 129,825 accounts holding Ksh16.81 billion are in default,” in addition, 600,920 loanees holding Ksh50.26 billion have not matured,” Ringera Stated.
The Board further stated that due to high demand, the fund is not sufficient to cater for this high number despite the fact that the board has put up measures to recover the loans.
“We have a current funding gap estimated at Ksh5.7 billion,” Ringera said. We have embarked on institutionalizing external resource organization to aggressively mobilize funds to supplement the extra funding,” Ringera Stated.
Safaricom Launches HELB M-Pesa Wallet For University Students
