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SA bank tries crowdfunding to solve tuition fee woes

A South African bank has launched an online crowdfunding tool it hopes will help needy students pay their university tuition fees.

Standard Bank’s Feenix Trust tool went live on 20 June. It allows students to create a profile detailing their needs, which funders can access via the platform. Feenix verifies all information before the profile is created. Donations start from R100 (US$7.6).

About 120 students are already registered on the site as the result of an internal pilot programme. Jayshree Naidoo, the Feenix Trust’ CEO, said at the launch that R120,000 had been raised in-house by Standard Bank before Feenix opened to the public.

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