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 Turn your debt around in 6 months

For many of us, January is the month to set goals, find renewed motivation, and make changes to areas of our lives where we feel that they’re needed. But let’s be honest, as the year and the motivation dwindles, these goals are often forgotten.

Which bank offers the best home loan?

Applying for a home loan can be a stressful experience – from filling out the paperwork to comparing the interest rates and navigating all the potential red tape. But it needn’t be.

6 smart ways to select the best medical scheme

It’s important to belong to a medical scheme that offers great benefits at affordable prices. However, due to insufficient knowledge, many people find themselves paying higher premiums for a medical scheme which does not even meet their needs.

Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide