Nedbank Bursary Scheme - an investment in SA's future

‘In particular, efforts to increase employment of young people have to be intensified and skills development better focused.’ - Trevor Manual, 20 February 2008 - Budget speech  

In support of this, the leading South African banking and financial services group, Nedbank, has unveiled an ongoing investment it intends making in one of the most important areas of South Africa’s economic future - it’s youth. Nedbank Chairman, Dr Reuel Khoza, announced today that the Nedbank Group has pledged an amount of R15-million to be granted as bursaries to undergraduate students who are following courses of study that will equip them with the skills that are currently deemed to be in short supply in South Africa’s banking and finance sector.

The Nedbank Bursary Programme has been developed to provide financial assistance to students undertaking B-degrees in the fields of Business Science and Commerce with a particular emphasis on subjects like Accounting Sciences, Statistics, Economics, Finance and Financial management, Actuarial Science, Information Systems or Informatics, and Computer Science. In fact, majoring in at least one of these subjects is a pre-requisite to be considered for funding under the Nedbank Bursary Programme.

Speaking at the press briefing to officially launch the programme, Khoza explained that the Nedbank Bursary Fund is a further illustration of the banking group’s ongoing commitment to contributing to the economic development of the country. ‘South Africa is facing a critical skills shortage in many areas of its economy, particularly the finance sector’, he explained, ‘and it is only through effective public/private partnerships that we will succeed in skilling our talented youth to effectively continue growing our country’s economy in the way to which we have become accustomed over the past decade.’

Khoza pointed out, however, that the bursaries, while intended primarily to assist students financially with studies in areas where there are critical skills shortages, are not isolated handouts. Rather, the programme is designed to assist recipients in gaining the skills and knowledge they need, providing them with opportunities to apply that knowledge practically, and then seamlessly integrating them into the economically active South African workforce.

‘Once these bright young graduates complete their studies, it’s not our intention to simply leave them to their own devices or ask them to repay the bursaries,’ he explains, ‘rather, the scheme is designed to help give them the opportunities they deserve for the hard work they have put into their studies, by encouraging them to take up various opportunities provided to them by Nedbank. ‘

Of course, the Nedbank Bursary Programme is also an effective means for the banking group to grow and develop its own talent pool - a factor to which Khoza readily admits. ‘As a key role player in the future of South Africa’s financial services industry, Nedbank is committed to attracting talented and able employees to its ranks,’ he explains, ‘a key factor of this Bursary Fund is that Nedbank has first right of refusal to bursary recipients once they graduate and it is our full intention to employ as many of these graduates as we possibly can.’

Nedbank has partnered with the National Student Financial Aid Scheme (NSFAS) to implement and administer the Bursary Fund. NSFAS is the main funder of students at public higher education institutions in South Africa and currently handles more that R2-billion in funding to assist students financially across a range of study areas. ‘There is a growing commitment from the private sector to become more involved in the funding, mentoring and employment of students. NSFAS is very grateful for the bold step that Nedbank has taken’ advises, NSFAS CEO, Pragasen Naicker.

Bursaries on the Nedbank Scheme will be awarded to applicants in accordance with the demographic representation of SA’s economically active population. This means that 75% of bursaries will go to African students, 12% to Coloured students, 10% to White and 3% to Indian students. A minimum of 40% of all bursaries awarded across these demographic groups will be awarded to female students.

‘One of Nedbank’s core social investment focus areas is education,’ Khoza emphasised, ‘and education remains a prime ingredient in providing access to employment, economic prosperity, improved quality of life, personal fulfilment and growth for all South Africa’s people.

‘The dire unemployment situation in our society is mainly due to the lack of skills and access to education and the Nedbank Bursary Fund is another way Nedbank Group is investing in South Africa’s greatest resource - our youth - for a better future for all South Africans.’

It is estimated that, depending on the different fields of study, the Nedbank Bursary Scheme could provide tuition, textbooks and accommodation costs to more than 350 students per year.