Higher Education Loans and Scholarships Board (HELSB) Chief Executive Officer Ms. Irene Nayame-Chirwa hosts 3rd Quarter Media Breakfast Briefing on Monday 20th July 2020 Sarovar Hotel in Lusaka
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Higher Education Loans and Scholarships Board (HELSB) Chief Executive Officer (CEO) Ireen Nayame-Chirwa with Corporate Communications Officer (CCO) Chiselwa Kawanda 3rd Quarter Media Brief Neelkanth Sarovar Premier Lusaka Hotel Monday 20th July 2020 Picture by Derrick Sinjela
3RD QUARTER MEDIA BREAKFAST MEETING
In line with section 16(1) of the Higher Education Loans and Scholarships Act No. 31 of 2016 which established the Higher Education Loans and Scholarships Fund for purposes of providing loans and scholarships to students who require financial assistance, the Higher Education Loans and Scholarships Board (HELSB) operationalized the Student Loan Scheme by commencing loan recoveries in September 2018 and since then, a total of K65.40 million has been collected as at 30th June, 2020: K8.66 million in the last quarter of 2018, K38.13 in 2019 and K18.61 million by the end of the second quarter of 2020.
Higher Education Loans and Scholarships Board (HELSB) Chief Executive Officer (CEO) Ireen Nayame-Chirwa with Corporate Communications Officer (CCO) Chiselwa Kawanda 3rd Quarter Media Brief Neelkanth Sarovar Premier Lusaka Hotel Monday 20th July 2020 Picture by Derrick Sinjela
LOAN RECOVERIES 2018, 2019 & 2020
S/N INSTITUTION 2018 2019 2020 Q2 TOTAL
1 PSMD 8,624,426.27 35,047,647.22 16,836,324.19 60,508,397.68
2 Mopani Copper Mines 618,872.93 366,574.61 985,447.54
3 ZRA 603,174.42 346,684.62 949,859.04
4 CBU 498,257.29 308,093.94 806,351.23
5 UNZA 456,596.32 57,308.80 513,905.12
6 Individuals 39,683.69 388,927.79 155,513.00 584,124.48
7 ZANACO 354,879.47 240,005.77 594,885.24
8 UBA 116,500.58 54,311.08 170,811.66
9 Teaching Council 24,929.47 8,798.70 33,728.17
10 NATSAVE 15,938.32 109,372.86 125,311.18
11 ABSA 78,799.00 78,799.00
12 ZICB 7,349.62 7,349.62
13 Frist Capital Bank 13,387.80 13,387.80
14 Investrust Bank 30,886.35 30,886.35
TOTAL 8,664,109.96 38,125,723.81 18,613,410.34 65,403,244.11
Since commencement of recoveries in 2018 under the loan recovery programme, the number of institutions remitting on behalf of their employees (loan beneficiaries) has been increasing, from one institution in 2018 to thirteen by the second quarter of 2020. This is due to the ambitious roll out plan being pursued by HELSB.
Higher Education Loans and Scholarships Board (HELSB) Chief Executive Officer (CEO) Ireen Nayame-Chirwa (left) with staff at a 3rd Quarter Media Brief Neelkanth Sarovar Premier Lusaka Hotel Monday 20th July 2020 Picture by Derrick Sinjela
The number of individuals paying off the loan amounts has increased from one in 2018 to sixteen by the second quarter of 2020. HELSB approached 43 other employers in the second quarter of 2020, a move that will enable us to start recovering from an additional 1,553 beneficiaries by end of August. A total of 4,526 beneficiaries were paying back by December 2019.
Alain Kabinda at a Higher Education Loans and Scholarships Board (HELSB) 3rd Quarter Media Brief Neelkanth Sarovar Premier Lusaka Hotel Monday 20th July 2020 Picture by Derrick Sinjela
Arising from these efforts, total recoveries in 2020 were projected at K50.0 million, which may now be subject to review in light of the COVID-19 pandemic as Employers employ coping strategies including adjustments to their staff compliments aimed at reducing costs.
As you are aware, HELSB has expanded the provision of student loans beyond the traditional University of Zambia and the Copperbelt University.
The expansion of student support to five other public universities, Mukuba University, Mulungushi University, Chalimbana University, Kwame Nkrumah University and Kapasa Makasa University, is attributed to the extra financial capacity arising from loan recoveries.
For example, the total cost of providing support to a total of 1,679 students in the five universities was projected at K33 million in 2020 which is well within the K50.0 million projected from loan recoveries in 2020.
Stephen Kanta at a Higher Education Loans and Scolarships Board 3rd Quarter Media Brief Neelkanth Sarovar Premier Lusaka Hotel on Monday 20th July 2020 Pictures by Derrick Sinjela Kwilanzi News Zambia
