Standard Bank creates student crowd-funding platform

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.