Both access to education and access to financial services are major issues in South Africa. Edusaver provides access to both.
EduSaver is a “Fundisa retail fund equivalent” as per the Financial Sector Code (FSC). EduSaver has a two-fold objective, to support a social purpose which is education and to support a culture of savings, where the investor is enabled to save for Higher Education with EduSaver’s assistance.
EduSaver principally enables investors to save for Higher Education, in a subsidized manner in partnership with licenced FSP’s (Financial Services Providers) The EduSaver Benefit is an innovative Top-Up to an investors savings. Investors will be enabled to save on behalf of “qualifying beneficiaries”, thereby enabling these beneficiaries to access quality higher education through product mechanisms such as Collective Investment Schemes (CIS) as well as others in time.
Who are the Edusaver Beneficaries?
“Education is the passport to the future, for tomorrow belongs to those who prepare for it today”
Malcolm X
Investors will invest a fixed amount each month that will be subsidized by funds received from “sponsors” of the scheme. There will be various investment options too choose from, to suit different risk and age demographic profiles.
Sponsors of the scheme are principally Financial Services Sector participants who wish to execute on the “Fundisa Retail Fund Equivalent” requirements of the FSC. The scheme is also compliant to the SED (Socio Economic Development) provisions of the FSC, as well as the Generic Code and various sector BBBEE codes.
EduSaver’s Board of Directors are responsible to ensure that Donors receive the necessary assurance to satisfy verification agencies that there funds are being utilized in an FSC Compliant manner, that the assets and liabilities of the NPC are prudently managed, and that the social impact of the vehicle is constantly monitored.
SolveSA (the BEE Solutions Platform with the Alternative Prosperity Group), have been appointed to administer the scheme.
*Coming soon
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What makes EduSaver better than Fundisa?
“Inclusive, good-quality education is a foundation for dynamic and equitable societies”
Desmond Tutu
In time EduSaver also aims to supplement education savings with pipeline development and bursaries specifically earmarked for eduSaver beneficiaries that plan to study occupations in High Demand, and that require excellence specifically in math’s and science related fields.
In time the scheme will also provide Consumer Financial Education to EduSaver beneficiaries.