Payment cards have become an important tool for managing money, offering consumers a secure and convenient way to make purchases, access cash, and keep track of their spending.
For college students, who often rely on periodic disbursements to meet tuition, accommodation, food and other daily expenses, access to reliable payment systems can make managing finances easier.
Co-operative Bank of Kenya has introduced HELB Smart Cards to help students access funds disbursed through the Higher Education Loans Board (HELB) and manage their spending.
The pre-loaded cards allow students to withdraw cash, pay for goods and services and access their money through a network of automated teller machines (ATMs), bank agents and merchant payment terminals.
The cards are issued to individual students and linked centrally to their sponsoring universities or colleges, providing an additional channel for receiving and accessing student funding.
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Multiple wallets for easier money management
The HELB Smart Card features three wallets for tuition, upkeep, and Visa transactions, allowing students to manage funds allocated for different purposes while accessing money for everyday expenses.
The card carries the student’s name and photograph, the institution’s name and logo, course details and registration number. It also includes an access barcode on the reverse side to support identification and access.
Students can use the card at Visa-branded ATMs and point-of-sale terminals, both locally and internationally. The card is also enabled with Near Field Communication (NFC) technology, which supports contactless payments at compatible terminals.
Beyond HELB disbursements, the card can receive funds from other sources. Students and sponsors can load money onto it through Co-operative Bank branches, Co-op Kwa Jirani agents, the bank’s ATMs and MCo-opCash.
The Visa wallet is reloadable, allowing students to replenish funds as needed.
Security and convenience
The Co-op Bank HELB smart card offers a convenient way to access funds as cardholders can withdraw money through Co-operative Bank agents and ATMs, as well as Visa-branded ATMs, and make purchases at participating merchants.
The multi-wallet structure can also help students plan their spending by separating funds allocated for tuition and upkeep from money held in the Visa wallet for transactions.
This makes it easier for cardholders to monitor available balances and manage expenses throughout the academic term.
Requirements for participating institutions
To get started with the Co-op Bank HELB Smart Cards, universities and colleges seeking to facilitate the issuance of the cards must enter into a duly signed application or contract agreement with Co-operative Bank.
The institution is also required to provide signed instructions authorising the bulk upload of data for prospective cardholders.
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