The third international conference on Financing Higher Education in Africa is currently taking place in Cape Town. The conference is organised by the Association of Higher Education Financing Agencies (AAHEFA), which consists of 11 member countries.
The purpose of the conference is to bring stakeholders together to share ideas and solutions to fund tertiary education on the continent.
Michael Wanyama, CEO of the Higher Education Students Financing Board in Uganda says governments needed to create financing platforms for students due to the high level of poverty in Africa.
However, while many governments increase their funding budgets for higher education, population growth is outpacing the available resources available for funding students.
Wanyama explained that providing government student loans creates a revolving fund where students who previously completed their studies are contributing to the resources available for students currently enrolled at higher education institutions.
They observed that many students who received this type of funding from the government did not want to pay back their loans. This meant that governments had less funding for future students. Wanyama says this amplifies the need for the private sector to assist government by funding students.
This funding model was previously used by the National Student Financial Aid Scheme (Nsfas) in South Africa. Nsfas was previously a loan, however, it was converted to a bursary scheme in 2018. However, not all students will qualify for funding due to the scheme's household income threshold, leaving some students to pay their own fees.
Professor Karuti Kanyinga, Universities Fund Chairman believes that the private sector can play an important role in funding students who are not eligible to receive Nsfas bursaries.
Kanyinga said, “The private sector can decide to finance students in certain disciplines for example, chemistry for chemical engineers in South Africa. We have to discuss the future role of the private sector and manpower development in Africa.”
The conference on financing higher education in Africa will conclude on Friday 30 September.
