Call for NSFAS to Implement Stricter Financial Controls to Prevent Irregular Payments

Call for NSFAS to Implement Stricter Financial Controls to Prevent Irregular Payments. The National Student Financial Aid Scheme (NSFAS) is facing renewed calls for stricter financial oversight following revelations from the Special Investigating Unit (SIU). The SIU recently reported the recovery of R2 billion in overpayments made to higher education institutions, raising serious concerns about financial mismanagement.

Call for NSFAS to Implement Stricter Financial Controls to Prevent Irregular Payments

According to the SIU, approximately 40,000 students received incorrect payments between 2018 and 2021. These irregular disbursements not only disrupt financial planning for NSFAS but also divert crucial funds from deserving students who rely on the scheme for their education.

Education Activist Urges Action

Education activist Hendrick Makaneta has urged NSFAS to adopt stricter funding processes to prevent such financial discrepancies. He emphasized the importance of efficient fund management to ensure that students in need receive the financial support they depend on.

“We further call on NSFAS and the Department of Higher Education to implement stricter financial controls to prevent irregular payments in the future. Transparency and efficiency must be at the heart of student funding to ensure that every cent reaches the intended beneficiaries,” Makaneta stated.

Need for Financial Transparency

The recent recovery of funds highlights the necessity for increased accountability within NSFAS. Experts suggest implementing advanced financial tracking systems, regular audits, and enhanced oversight mechanisms to restore public trust and ensure that student funding serves its intended purpose.

Conclusion

As the demand for student financial aid continues to grow, NSFAS must strengthen its financial management strategies. Implementing robust financial controls will not only prevent future irregular payments but also safeguard the future of higher education funding in South Africa.