Student financial aid scheme appoints new acting CEO to turn around financial crisis

Illustrative image: (Photos: Facebook | Brenton Geach / Gallo Images)

6 Mar 2025

National Student Financial Aid Scheme appoints Waseem Carrim as new acting chief executive officer to steer it through a financial crisis while working closely with the newly established board.

On Wednesday, 5 March 2025, the National Student Financial Aid Scheme (NSFAS) announced the appointment of a new acting chief executive officer, Waseem Carrim, with immediate effect, to help the scheme as it grapples with a financial crisis.

Carrim’s appointment follows the end of former NSFAS administrator Freeman Nomvalo’s term, who was appointed by former higher education minister Blade Nzimande after he dissolved the NSFAS board in April 2024.

Who is Waseem Carrim?

37 year old Carrim is a Chartered Accountant by profession, and a member of the Board of the Small Enterprise Finance Development Agency and the Unisa Enterprise. Recognised as one of the 2018 Mail and Guardian 200 Young South Africans and one of the 2019 Southern African Development Community’s Most Influential Young Leaders, he is no stranger to the CEO position.

He was appointed as the youngest ever CEO in 2017 after being a Chief Financial Officer for the National Youth Development Agency (NYDA) , which was established primarily to address challenges faced by the nation’s youth. Carrim left as the longest-serving CEO in 2024, parting ways with the agency to pursue other opportunities and new challenges.

NSFAS logo Illustrative image: (Photos: Facebook | Brenton Geach / Gallo Images)

During his time as CEO, he maintained nine clean audit outcomes, according to reports, increased the budget from R400-million to R1.5-billion, and finalised South Africa’s first Integrated Youth Development Strategy, which prioritises youth in national development. He led the expansion of the agency’s regional centres from 15 to 44.

It is for these reasons that NSFAS believes that Carrim can turn around its fortunes. In a statement by NSFAS, newly appointed NSFAS board chairperson Dr Karen Stander said the board was confident Carrim would lead well.

Read more: NSFAS board finally appointed in effort to fix financial and governance crises

“Carrim will provide the stability and leadership needed to initiate the transition of NSFAS towards becoming an international best practice benchmark in student funding. His deep understanding of State-Owned Enterprise (SOE) operations, combined with a commitment to fostering innovation and growth, and a passion for youth development that is evident in everything he does, makes him the appropriate choice for this role. A role that requires the ability to turn around a fund, which he has demonstrated at the National Youth Development Agency,” said Stander.

Financial crisis at NSFAS

NSFAS, established in 1991, is a government initiative that aims to ensure all students, especially those from historically disadvantaged groups, can access and pursue higher education.

Carrim’s appointment comes at a crucial time for NSFAS after irregularities and fruitless expenditure were discovered. In 2024, former NSFAS chairperson Ernest Khosa resigned before Nzimande announced his decision to dissolve the board. Khosa was allegedly linked to irregular contracts NSFAS issued to four service providers to manage payments to NSFAS beneficiaries.

Following this, Freeman Nomvalo was appointed as administrator. However, NSFAS continued to have expenditure issues after spending more than R2-million a month on rent for its upscale Cape Town offices. The higher education and training minister said this was too high, and plans were to be made to terminate the lease, yet NSFAS still occupies the offices.

Read more: NSFAS set to leave R2m-a-month Cape Town offices after minister moves to terminate lease

Recently, the Special Investigating Unit recovered R2-billion mistakenly disbursed to universities and found 40,000 students improperly receiving Nsfas funding. NSFAS has been criticised for inadequate funding, corruption, poor governance, and delays in disbursing student allowances. Students have protested over housing shortages and poor living conditions in outsourced residences.

Read more: Stressed, stranded students left in housing limbo as accommodation chaos persists

Improving NSFAS

Speaking to Daily Maverick, former chairperson for the portfolio committee on Women, Youth and Persons with Disabilities, Claudia Ndaba (ANC), who worked with Carrim in Parliament during his time at the National Youth Development Agency, congratulated Carrim and said he was capable of steering NSFAS in the right direction.

“He does have the skills and his experiences with the National Youth Development Agency has proven that he is the right candidate… In terms of financial management and accountability he can be good. Give him the opportunity, I think he can do better,” said Ndaba.

Organisation Undoing Tax Abuse welcomed the new CEO, but said it would continue monitoring the scheme, especially after discovering NSFAS’ R2-million Cape Town building payment.

“It looks like he was successful in the youth agency, he is young, and we look forward to working with him… However, having him as CEO and the new board being appointed does not mean we are going to take our eyes off the ball. We are definitely going to keep an eye on NSFAS, and we still would like to hear from any whistle-blowers about irregularities going on there,” Rudie Heyneke, senior project manager at Outa told Daily Maverick.

In a statement, The African National Congress Youth League (ANCYL) also welcomed Carrim’s appointment.

“The ANCYL extends its full support to Carrim and is optimistic that his leadership will usher in a new era of transparency, efficiency, and accountability within NSFAS. We anticipate that his expertise will be instrumental in revitalising the organisation’s operations, ensuring that deserving students receive timely and adequate financial support,” the youth league said. DM

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South Africa

Who is Waseem Carrim?

Financial crisis at NSFAS

Improving NSFAS