, NAIROBI, Kenya, Jun 5 – With over 20 years experience in the banking sector, the new Higher Education Loans Board Chief Executive Officer says he is ready to take the university students’ loans scheme to the next level.
Speaking to Capital FM Business, Charles Ringera said that he has laid down plans to scale up the board’s balance sheet from the current Sh33 billion to Sh70 billion in the next two years and Sh300 billion by 2030.
“I am looking into making the board more reliable to Kenyans in terms of financing higher education, with more new universities and tertiary colleges coming up and the rising hunger for higher education there is need for a reliable fund to meet this need,” he said.
Charles Ringera went to HELB in March 2013 as the CEO and board Secretary. He replaced Benjamin Cheboi who resigned late last year to pursue politics.
Cheboi is currently the Baringo County Governor.
Ringera has pledged to improvise new means of sourcing funds, in order to reach a wider market and be able to meet future expectations.
“The board cannot rely on the government for funds, since the latter is being relied upon by many entities,” he explained.
“We want the corporate donors and individuals to partner with us through their social responsibilities to help raise the fund and widen its access,” he revealed.
He said that he is keen to recover all the money loaned through the years and is strategising on other methods of recovering it.
“We have already signed Memorandum of Understanding with the National Social Security Fund (NSSF) and the Immigration Department to make sure that people using their services have been cleared by HELB,” he said.
He also revealed that the board is working with the Public Procurement Oversight Authority to make it a requirement to have HELB clearance before one supplies goods and services.
Earlier this month the board granted a one-month (that ends on Thursday) amnesty waiving Sh5,000 penalty fees for each month outstanding loans were not paid.
“Even beggars must be served with dignity; we are looking into other repayments channels apart from the banking hall,” he said.