Safaricom has announced a partnership with the Higher Education Loans Board (HELB) that will see the state agency use the company’s mobile money platform M-Pesa to disburse student loans.
As a result of the partnership, all M-Pesa users in the country have access to HELB services either through a short code (*642#), the HELB mobile wallet and the HELB mini app on the M-Pesa super app.
“The HELB Mobile Wallet will empower students to receive the upkeep portion of their student loans direct to their M-Pesa account,” reads a press release announcing the partnership.
“The HELB mini App will 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,” the release continues.
“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 will then key in their phone number upon which they will receive a code to activate the Mini App and set a PIN for subsequent access. Beneficiaries yet to register their mobile number with HELB will need to key in a phone number registered to the same National ID linked to their HELB account to connect their numbers and activate the Mini App.”
“All beneficiaries will have the option to receive the upkeep portion of the HELB loan through M-PESA or the mobile wallet, starting with first year students making their first application. This option will gradually be rolled out to existing HELB beneficiaries in their second and later year of studies, allowing them to switch to receiving their upkeep on the mobile wallet.”
Students who are users of other mobile networks will have to wait (for months) as the two partners work to integrate other mobile money services besides M-Pesa.
