Helb partners with Jamii Bora Bank to disburse loans to university students
Maasai Mara Vice-Chancellor Prof Mary Walingo and officials of Jamii Bora Bank during the launch of the smartcard that will be used by Helb to disburse loans to students. PHOTO | ANTHONY NJAGI | NATION MEDIA GROUP
What you need to know:
- Maasai Mara University is the first public university to have functional smartcards.
- Mr Gichimu said that in future, all disbursements of loans will be done through the smartcards.
- Mr Timothy Kabiru said that the bank has the capacity to expand the smartcard facility to all universities in the country.
- Maasai Mara Vice-Chancellor Prof Mary Walingo said that university welcomed the introduction of the smartcard.
The Higher Education Loans Board has partnered with Jamii Bora Bank to introduce a smartcard that will make it easier for university students to access and use the loans given by the board.
The smartcard was launched at the Maasai Mara University in Narok County last week.
Speaking during the launch Helb Head of Finance Mr Shem Gichimu said that the card help in streamlining the process of accessing loans by students.
He said that the card will give students more time to concentrate in their studies.
Maasai Mara University is the first public university to have functional smartcards, with students using them instead of cash to pay for their expenses.
Mr Gichimu said that in future, all disbursements of loans will be done through the smartcards.
EXPAND TO ALL UNIVERSITIES
Jamii Bora Bank Chief Commercial Officer Timothy Kabiru said that the bank has the capacity to expand the smartcard facility to all universities in the country.
He added that the card will give students an opportunity to learn how to manage their accounts at an early age.
“The card will encourage responsibility as it gives students access to their money any time and at no notice or inconvenience,” said Mr Kabiru.
He said the smartcard will help in creating a society that is less dependent on hard cash.
A cashless society is more efficient and convenient, he said.
“The smartcard will also promote a saving culture among young people’’ he added.
Maasai Mara Vice-Chancellor Prof Mary Walingo said that university welcomed the introduction of the smartcard since it will save a lot of time for all the parties involved.
She said that the card will help students to master the art of personal financial planning and since it will be used in all institutional transactions, it will eliminate the use of fake slips by students to access various facilities.
“There have been cases of students who have not paid examination fees presenting fake slips so that they can sit their exams. With this card, it will be a thing of the past,” Prof Walingo said.
