Jamii Bora Bank Limited (JBBL), Maasai Mara University (MMARAU) and the Higher Education Loans Board (HELB) have partnered to launch a payment solution for university students who benefit from state loans.
The JBB Smart Card enables HELB to disburse student loans directly to the students’ electronic wallets from where they are able to pay for tuition, food and other services.
JBBL Chief Commercial Officer, Timothy Kabiru, said the solution underlined the bank’s capacity to partner with university education stakeholders to enhance provision of quality education.
“The trendsetting smartcard comes with multiple functionalities to enable the university implement an all-in-one solution in the administration of student services on campus and managing financial transactions related to such services,” said Kabiru.
HELB will disburse the loans directly to the smart cards thereby cutting down on time taken to administer the loans and creates efficiency in the whole financial chain.
“As such the smartcard is now bringing comprehensive control on funds usage by introducing tuition, maintenance, books and stationary wallets. Tuition will be swiped at the college POS while their maintenance can be used at the student cafeteria, supermarket or cashed at the ATM,” said Shem Gichimu, Head of Finance, HELB.
The HELB boss added that his organisation had cleared 7 banks to implement similar solutions adding that JBBL was the second to rollout the smart cards.
The smart card has multiple wallets to take care of tuition fees, upkeep and payment for other services such as printing and photocopying and have been in use for the last four months.
JBBL will provide point-of-sale terminals to the university to facilitate the transactions and has issued 2000 individual cards to students for use to pay for tuition, meals and other university services.
The cards come with multiple functionalities such as use as a student identity card, a university meal card, and an access card to restricted university facilities. They will also be used to pay for accommodation and other university services.
The bank had developed the solution at no cost to the university. There will be a collection account for the Maasai Mara University for the student payments made through the solution.