The National Student Financial Aid Scheme (NSFAS) wants stricter accountability for universities and TVET colleges that fail to submit financial reconciliations on time. This forms part of efforts to improve financial management and transparency.
At a recent parliamentary briefing, NSFAS Acting CEO Wassim Carrim said late submissions delay critical decisions and prevent action on Auditor-General recommendations.
“We cannot miss the PFMA audit deadline of 31 May,” Carrim stressed, adding that delays impact Parliament’s reporting timelines.
The 2022/2023 NSFAS financials were submitted a year late. To prevent future delays, NSFAS held workshops with stakeholders, including the SIU and National Treasury, to streamline reporting processes.
Accountability and Reconciliation
As part of the 2024 close-out project, only 60% of TVET colleges submitted required reports. Carrim proposed withholding tuition payments—not student allowances—from institutions that miss deadlines.
“268,000 students received certificates due to closeout reconciliations,” he said. “We must conclude this process properly and avoid repeat delays.”
NSFAS aims to enforce monthly and annual reconciliation submissions moving forward to ensure public funds are effectively managed and students aren’t penalised for institutional failures.
