Standard Bank has started a crowd funding initiative to help young people access financial assistance to further their studies through the Feenix website.
Feenix allows students to receive financial support while enabling donors to fund underprivileged youth.
Students can receive funding by creating a profile on the Feenix website which includes details on their financial status. Donors can then choose to support individuals as they see fit.
Their are no academic requirements which means that students at all academic levels can join the website.
With the minimum donation amount set at R100, the Trust permits anyone to make a contribution and play a role in educating young South Africans.
According to Jayshree Naidoo‚ interim CEO of Feenix‚ "the fees will be paid directly to the university through the trust. Students won’t be required to pay back the money," she said. "All degree types for accredited courses at any of the 26 public universities across SA will be accepted. "The donations will cover accommodation‚ tuition and textbooks."
The Fees Must Fall movement placed the spotlight on the financial obstacles many students still face and the limited source of funding from government entities.
In response to this movement Standard Bank developed the Feenix platform to provide much needed funding to cash strapped students.
Feenix recently announced that they have raised more than R25 million for student bursaries.