The Private Sector might be one of the biggest contributors to the envisaged free university education initiative, according to what the Higher Education Minister, Blade Nzimande, told Parliament. But, long ago, one organisation had foresight.
The South African Institute of Chartered Accountants’ (SAICA) Thuthuka Bursary Fund has proved that a sustainable bursary is attainable. For years now, the fund has been assisting needy students with a few hassles.
SAICA Chief Executive, Terence Nombembe, believes the way Thuthuka is managed is a model for other private organisations to emulate. “The fund is proof there are initiatives that swim against the tide and yield tangible results. In fact, the Thuthuka Fund is scalable, and you can apply the model to engineering, medicine and any discipline,” he says.
Thuthuka Fund was originally initiated to transform the predominantly white chartered accounting profession. Through its assistance, most remarkably, 117 black South Africans have become chartered accountants as well as academics.
Thuthuka bursary funds are secured through donations from the private sector and are then matched by the government through the National Student Financial Aid Scheme.
The fund covers a student’s tuition, accommodation and book costs. In addition to this, Thuthuka students are given a living allowance, as well as nonacademic support including mentorship on general life skills.
