Higher Education Loans Board (HELB) is in talks with Safaricom's M-PESA to use their services in disbursing loans to university and college students. According to the government parastatal, the move comes after there have been numerous cases of students'failing to access their loans as a result of dormant bank accounts.
Most students only use their bank accounts to receive the loans after which the accounts remain dormant for a long time. However, M-PESA accounts are mostly active and can be used conveniently by the students throughout their students.
Further, HELB has stated that the move to use M-PESA service is aimed at improving the penetration of the funds to more economically vulnerable students who might not have bank accounts. It is important to note that HELB serves a crucial purpose in higher education by providing financial assistance to needy students and enhancing their comfort while studying.
Also, students have been asking the loans body to diversify the methods of disbursing the funds to avoid delays that are sometimes occasioned by bank processes. M-PESA is a popular brand in the country and will likely transform how the loans body is reaching its clients.
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