University students will no longer have to endure long bank queues after the High Education Loans Board (HELB)and KCB launched a Student Smart card aimed at improving efficiency in the loan disbursement scheme.
The Near Field Communication (NFC) enabled card will be on a digital wallet platform henceother than tuition fees,the card can be used to pay for meals, accommodation andpocket money.In addition, the students can access cash through KCB branches, Mtaani and MPESA agents anywhere in the country. The card will also be used as a photo card for student identification.
This comes ahead of the June 2015deadline to discard the use of Bank accounts to access the loans from the institution.
Speaking during the launch, KCB Group CEO,Mr. Joshua Oigara stated that; with the Banks’ reliable card business and countrywide reach of over 240 branches and over 10,100 agents, the Bank will be able to offer convenient means of availing the funds to the registered students in various tertiary institutions. This initiative hopes to enhance convenience, security, accessibility and efficiency as well as accountability process.
KCB Group remains on the lead to offer cashlite solutions,to be innovative and improving consumer experience journey. One of the most valuable contributions the Bankis making isformalizing the financial system. KCB is dedicated to creating pathways to financial inclusion by supporting government efforts through products, services, technology and payments and strategic partnerships.
The initiative comes when government is targeting to fully automate its services and fee collection systems by the next financial year, which starts July, this year. It is aimed to ease service delivery and seal revenue leakages.