a) The Department has studied the allegations against Fintech companies and regards them as very serious. The Department has engaged the NSFAS board on several occasions and is awaiting Werksmans Attorneys’ findings so that any decision taken is guided by verifiable facts and evidence, is lawful, reasonable, and procedurally fair as per legal prescripts derived from our constitution, and related legislation, including the Public Administrative Justice Act of 2000. In addition, the Department has despatched a senior official to be incorporated into the Appeals Committee to assist with tracking progress and developing solutions to arising problems.
b) The Department regrets that some students have been affected by the systems introduced by the Fintech companies. The Department has been advised that NSFAS has sent a team of senior officials to ten of the most affected institutions to engage the students and understand the challenges they are experiencing with the Fintech companies. The team will be concluding their report on 22 September 2023. It is expected that they will numerate all issues, and resolve them with necessary alacrity, including finalising a Change Management Strategy.