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Government To Be Sending Student Loans Directly To MPESA

Today Safaricom signed a working partnership with Higher Education Loans Board that will see degree and diploma students receive cash direct through their Safaricom lines.

The money will come with several restrictions to make sure the student do not misuse it. For example, the money can only be used to pay for specific amenities like library fee and cafeteria charges. This will be done through specific Paybill accounts provided by the university or college.

“Technology today is not only revolutionizing every aspect of our lives but also creating opportunities to enhance efficiency and accountability. We are pleased to support the Higher Education Loans Board to deploy a solution that suits the digital lifestyle of students in tertiary institutions,” said Sitoyo Lopokoiyit, Chief Financial Services Officer, Safaricom.

This partnership comes as a relief to most students especially in public institutions who depend solely on HELB funds for upkeep.

It will also ease the burden on students who have to travel long distances to access banking services. The restrictions will also make sure students do not misuse funds.

Content created and supplied by: HotNews_Ke (via Opera News )

Higher Education Loans Higher Education Loans Board MPESA Safaricom Sitoyo Lopokoiyit

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