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 Work from home, have meetings at restaurants – the new normal?

With companies moving from static office spaces to working remotely, meetings have predominantly been held online. However, some companies have turned their attention to meeting at variable locations, such as restaurants or hotel conference rooms.

Is a home loan a great savings tool?

There are many saving and investment options available to consumers. What you decide to use is dependent on your circumstances. But should you make your home loan your choice of a savings vehicle and how does that exactly work?

Everything you should know about tax auto assessment

In 2019, the South African Revenue Service (SARS) launched a system, which was dubbed an “auto assessment”, to assist taxpayers with their annual tax returns. But what does this system entail, and how will it impact you?

What does it mean to be a registered Financial Services Provider?

You may have noticed that financial institutions state that they’re registered Financial Services Providers (FSP). But what does this actually mean, and how does this benefit you as a consumer?

Deals

Earn up to 50% of your tax return submission fee back in eBucks

Price: Available on request
When: Daily
Where: Nationwide

Be part of the Belly Of The Beast Weekday Spring Special Lunch

Price: R350
When: From 23 September 2020
Where: Cape Town

Tony’s Roma Breakfast Special

Price: R39
When: Daily
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions