NMB, HESLB simplify student loan processes
DAR ES SALAAM: NMB Bank has finalised integrating its system with the Higher Education Students Loan Board (HESLB) as part of the lender’s commitment to enriching its service offerings to students.
The move seeks to enable students in higher learning institutions to have access to seamless banking products with a heightened sense of security, efficiency and innovation.
NMB Bank Chief Retail Banking Filbert Mponzi said in Dar es Salaam yesterday that the system has simplified loan disbursements to students in higher learning institutions.
“Students will now be able to enjoy seamless banking services after integration of the NMB core banking system with HESLB,” he said at the forum organised by the HESLB that brought together various education stakeholders under the theme ‘Investing in the Future.
He said this integration will ensure that loans are now disbursed to students more quickly and conveniently. He urged students in higher learning institutions to open up bank accounts with the lender adding that the bank’s accounts offer many advantages including instant loans of up to 500,000/-.
Mr Mponzi reiterated the bank’s commitment to continue working closely with the government and education institutions to support the development of the education sector right from the grassroots level. “The education sector is among our key priorities.
To underline our commitment to supporting higher learning, we last year set aside 200bn/- loans for students in higher learning institutions following close discussions with the Ministry of Education and Vocational Training,
“Students can request loans ranging from 200,000/- to 10m/- at an interest rate of only 9.0 per cent.” Mr Mponzi said.
The HESLB Executive Director, Dr Bill Kiwia, said the aim of the forum was to receive feedback from different stakeholders involved in the disbursement functionality of his institution.
“We are not satisfied by the current situation because the demand is higher than the available resources.We are still looking to different alternative funding resources to reach more students,” he stressed.
The board at the moment reaches more than 200,000 needy students but has already drawn plans to reach more students adding that this will however depend on the availability of financial resources.
He urged beneficiaries of HESLB loans to ensure timely repayments to enable his institution to operate efficiently for the benefit of more needy students.
