Africa Told to Overhaul Higher Education Financing

Dr. MACHAYI who is also Higher Education, Loans and Scholarships Board –HELSB- Chief Executive officer said digital transformation should cover the entire financing cycle, from student applications and assessment to disbursement, loan management, repayment and recovery.

He said technology and data should also be used to improve decision-making, reduce fraud and leakages, and ensure scarce resources reach students who need them most.

However, Dr. MACHAYI cautioned that digital transformation must not become a source of exclusion.

He said financing agencies must ensure responsible use of artificial intelligence, data protection, transparency, fairness and accessible channels for students seeking redress.

Dr. MACHAYI also proposed a Minimum Continental Higher Education Financing Dataset to help African financing agencies generate comparable information.

The proposed dataset would cover applications, beneficiaries, disbursements, loan recoveries and the financial sustainability of institutions.

He said agencies should pay particular attention to eligible students who remain unfunded, describing this as an important measure of unmet demand for higher education financing.

Dr. MACHAYI further proposed an African Higher Education Financing Data and Knowledge Platform.

He said the platform can support secure data submission, common reporting, institutional benchmarking, research and knowledge sharing, while respecting national laws and institutional ownership of data.

Dr. MACHAYI also called for the development of an annual African Higher Education Financing Outlook.

The report will provide evidence on financing demand, beneficiary coverage, equity, investment, disbursements, loan recoveries and institutional sustainability.

Dr. MACHAYI urged member institutions to begin transforming their systems instead of waiting for others to act.

He called for the digitisation of appropriate processes, integration of systems, investment in people, data protection and engagement with regulators and technology partners.

Dr. MACHAYI stated that the outcomes of the Accra conference should now move beyond the conference hall into boardrooms, ministries, universities, technology laboratories and regulatory institutions.

He said the ultimate goal is to create higher education financing systems that use digital technology, promote inclusion, support sound decision-making and remain financially sustainable.

Dr. MACHAYI urged delegates to turn the ideas generated in Accra into practical action that will ultimately expand opportunities for African students.