• NSFAS now has a new board of directors and new acting CEO.
• This as administrator Freeman Nomvalo’s 12 month term at the scheme is just about over.
• Current CFO Waseem Carrim has been promoted to the CEO of the scheme, with support of its new board.

The National Student Financial Aid Scheme (NSFAS) has a new acting chief executive as its current administrator Freeman Nomvalo approaches the end of his 12 month term after being appointed in April 2024.

For the first time since June 2024, NSFAS has a new CEO in Waseem Carrim, who has been working as the chief financial officer for NSFAS. He is also the former CEO and CFO for the National Youth Development Agency (NYDA) “where he led the NYDA to nine consecutive clean audit outcomes and grew the organization from a R400 million to R1.5 billion budget.”

The part about clean audits is highlighted by NSFAS because the previous CEO, Andile Nongogo, was fired from the scheme just two months after an investigation was launched into allegedly dodgy tenders to hire fintech companies for the doomed direct payment system that cost the scheme and taxpayers approximately R1.5 billion and led to a year of frustration for students.

Nongogo was placed on “special leave” in August 2023 after allegations emerged about “unacceptable conduct in awarding of bids at NSFAS.” An internal investigation then alleged that Nongogo had hired two of the four fintech partners, eZaga Holdings and Coinvest Africa, while also being involved in their businesses in some capacity, leading to his termination.

eZaga has vehemently denied these claims.

As for the new CEO in Carrim, NSFAS says that he will be working closely with the newly appointed board of directors to “develop a strategic vision for the future” of the scheme in addition to “overseeing day-to-day operations.”

“With his proven track record at NYDA, he comes well-prepared to lead NSFAS during this transitional period,” said the NSFAS Board Chairperson, Karen Stander, in an announcement.

“The board is confident that Mr. Carrim will provide the stability and leadership needed to initiate the transition of NSFAS towards becoming an international best practice benchmark in student funding.”

As an internal appointee who is closely involved with finances at NSFAS, Carrim will likely be well-versed in the sweeping deep-seeded maladministration issues facing the bursary scheme. He is a Chartered Accountant by profession and holds two master’s degrees.

With a new board and a new CEO, NSFAS is moving forward with the 2025 academic year and over a million beneficiaries to support, despite its seemingly insurmountable challenges, which also include ailing and out of date ICT systems, struggles facilitating payments to students, its vast debt to accommodation providers and more.

The scheme recently increased the amount that it pays its beneficiaries at TVET colleges and universities.