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The Higher Education Students’ Loans Board (HESLB) has taken a significant step towards improving the recovery of unpaid student loans by forming strategic partnerships with key government agencies.
These include the National Identification Authority (NIDA), the Registration, Insolvency, and Trusteeship Agency (RITA), and Credit Info, a credit reference bureau. The goal is to target loan beneficiaries who are earning an income but have yet to start repaying their loans.
Speaking during a signing ceremony in Dar es Salaam on September 11, 2024, HESLB’s Executive Director, Dr. Bill Kiwia, revealed that TZS 600 billion in student loans remain unpaid. Out of a total of TZS 2.1 trillion in loans due for repayment, TZS 1.5 trillion has been successfully recovered. He emphasized that the newly integrated systems will facilitate tracking and encouraging loan repayments among employed beneficiaries who have defaulted on their obligations.
“This strategic partnership will enhance our ability to reach loan defaulters and ensure they begin the repayment process. By integrating our systems with those of NIDA, RITA, and Credit Info, we will have more effective tools for locating beneficiaries and supporting them in fulfilling their financial commitments,” Dr. Kiwia explained.
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The integration aligns with President Samia Suluhu Hassan’s directive that by December 2024, all government systems should be interlinked. This will streamline the management of public services, including loan repayment tracking and enforcement.
The increased efficiency in loan recovery will help maintain the board’s financial health and continue funding future generations of students.
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