Geoffrey Monari takes over as new CEO at education loans board
By Reuben Mwambingu, March 14, 2025The Higher Education Loans Board (HELB) has appointed Geoffrey Monari as its new Chief Executive Officer (CEO), taking over from Mary Wachira Muchie, who has been serving in an acting capacity since Charles Ringera’s departure in December 2024.
Monari takes over from Mary Wachira Muchie, who has been holding the position in an acting capacity since the departure of Charles Ringera last year.
Monari steps into the role at a turbulent time when the new university funding model, introduced in 2023, faces an uncertain future.
The High Court declared the model unconstitutional in December 2024, sparking anxiety among students and raising concerns over the financing of higher education.
The now-nullified model had replaced the Differentiated Unit Cost (DUC) system, shifting university funding from direct institutional support to a student-centered approach.
Under the framework, financing was based on individual student needs through scholarships, loans, and household contributions, rather than bulk allocations to universities.
President William Ruto’s administration had championed the new system, introduced in May 2023, as a solution to the financial struggles of public universities and Technical and Vocational Education and Training (TVET) institutions, which have been grappling with increasing enrolment and inadequate resources.
However, the court ruling halted the disbursement of scholarships and loans under the new model, leaving thousands of students stranded, unable to afford basic needs such as accommodation and meals.
While many were allowed to continue with their studies despite fee arrears, financial uncertainty remains a pressing issue.
HELB Chairperson Ekwee Ethuro expressed confidence in Monari’s leadership, describing him as a seasoned professional with a deep understanding of the higher education financing sector.
“Monari brings over 15 years of senior management experience in higher education financing. Since 2020, he has served as the founding CEO of the Universities Fund,” Ethuro noted in a statement.
Before leading the Universities Fund, Monari served as HELB’s Chief Operations Officer (COO) from 2016 to 2020, overseeing key initiatives in student lending, debt management, partnerships, and resource mobilization. His leadership played a crucial role in strengthening HELB’s financial sustainability.