Guiding consumers since 2009

Standard Bank creates student crowd-funding platform

By Angelique Ruzicka

Standard Bank has launched Feenix.org a crowd funding platform that allows members of the public to fund students’ college or university fees. The site has been created in response to the #FeesMustFall campaign and gives students earning less than R600, 000 per annum the chance to appeal for funding from members of the public.

“Students can create their profile and people can choose their student to fund,” says Jayshree Naidoo, interim CEO of the Feenix Trust and head of incubator at Standard Bank. Currently, only a 5% administration fee is charged to financial donors.

During the testing stages, the students were funded by Standard Bank staff. “There has been R120, 000 raised with staff to date with Standard Bank matching this amount,” explains Naidoo. Now students can be funded by anyone. The site allows you to search the student by name, degree they are studying or if you want to support a student from a particular university you can do that too. If you simply can’t make up your mind, you can donate to the Feenix Pool Fund.

Naidoo admits that we live in a world where fraud is rife. As such, students are vetted through a three tier vetting system. Standard Bank checks if the student is registered with a university, that fees are outstanding, and instead of the student getting the money the funds are paid to the tertiary institution directly.

To support a student, or to appeal for funding go to Feenix.org.

 

Recent Articles

Featured New homeowner? Be aware of these extra expenses

You’ve overcome all the hurdles of buying a home. You’ve managed to pay your deposit and your closing payments, and now you’re a proud title deed holder. However, there are other expenses waiting around the corner. Are you prepared?

Your biggest credit conundrums – answered

Understanding your credit health is one of the most important factors in managing your finances. This is because it gives you insight into your debt, your borrowing ability, and your financial history. While many understand this, there are still many questions on how to do just that.

Avoid debt collectors, choose debt counselling

There are two things you can do when you are struggling to pay your debt. You can either let your creditors hand your debt over to debt collectors – or you can let debt counsellors help you deal with your debt.

Retail notes: easy investment option for new investors

Being a newbie in the world of investing can be challenging because you don’t know where and how to invest. With so many investment options, you could easily be befuddled. Justmoney looks at how retail notes can help you cut your teeth in the world of investing.   

Deals

Translux Student Discount

Price: Depends on destination
When: Daily
Where: Nationwide

Zimbali Senior Citizens Discount

Price: From R1342.00
When: Until 14 December 2019
Where: KwaZulu Natal

Free meal for kids at Mozambik Restaurant

Price: Free
When: Until 15 November 2019
Where: Johannesburg, Durban, Pretoria