Standard Bank and Feenix raise over R30m for students through crowdfunding
DURBAN - More than R30 million has been raised on Feenix for students through a crowdfunding initiative in partnership with Standard Bank.
The money that was raised through the crowdfunding initiative has helped over 1000 students cover some of the costs associated with a tertiary education.
Standard Bank launched the crowdfunding initiative in partnership Feenix in 2017. The online platform provides both a tool for students to formalise their fundraising efforts and a channel for funders to find students they wish to support. Standard Bank acts as financier and go-to-market partner.
"Crowdfunding is an important new funding model for education. The work being done by Feenix is something we as a bank are proud to be able to facilitate. For too many young South Africans access to education remains a challenge. The private sector must continue to support organisations such as Feenix which are coming up with innovative ways to address this," said Funeka Montjane, Standard Bank Chief Executive of Personal and Business Banking South Africa.
The real impact of this is that thousands of students can continue their studies without having to worry about funding them. Standard Bank has also linked its UCount Rewards programme to Feenix, and Standard Bank customers can use them to fund a student.
Feenix presents an opportunity for corporates and individuals to support education responsibly and transparently. Donors can see exactly who their money is going to and what it is being spent on.
There are also important tax benefits as employees can fund students through payroll giving and, as Feenix is Public Benefit Organisation, CSI contributions are eligible for further tax benefits. From a recruitment standpoint Feenix can serve as a database for organisations looking to bring on students as interns or graduate hires.
"Feenix has a relationship with students and the universities, which makes our platform the perfect channel of connection. We are able to match the right students with the appropriate sectors, which enables corporates to simplify their recruiting processes," said Leana de Beer, Chief Executive for Feenix.
Feenix was launched in June 2017 as a response to the #FeesMustFall movement that swept across South African tertiary campuses in 2015 and 2016.
The crowdfunding platform is a tool that allows students to formalise their fundraising and is a gateway for funders to find students that they want to donate to.
"Initiatives such as Feenix are integral to ensuring that those who want an education and have qualified for one are not precluded from doing so as a result of funding. It is an innovative way of ensuring that many young South Africans can fulfil their potential. As a partner Standard Bank is committed to ensuring that more young people have access to education in South Africa," concluded Montjane.
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