Banking on Education: South African Reserve Bank Launches 2024 Bursary Scheme for Disadvantaged Students

Scholarship
  • The South African Reserve Bank’s External Bursary Scheme 2024: The South African Reserve Bank (the Bank) has announced the 2024 edition of its External Bursary Scheme. The scheme is part of the Bank’s social initiatives aimed at addressing the severe skills shortage in South Africa. It provides bursaries to students from disadvantaged backgrounds who are pursuing studies in fields relevant to the Bank’s functions and activities.
  • Eligibility and Application Process: To qualify for a bursary, applicants must be South African citizens, have obtained an average of at least 70 percent in their June Matric/Grade 12 examinations, and lack the financial means to attend university. The application process requires submission of examination results, proof of acceptance at a recognized institution, and other supporting documents. Applications are due by September 30th each year.
  • Additional Benefits and Expectations: In addition to financial support, the Bank provides vacation work opportunities to bursary holders. Bursary holders are required to submit their examination results by December 31st each year and must successfully complete the academic year to be eligible for further funding. Successful applicants will be expected to sign an agreement with the Bank.

The South African Reserve Bank (the Bank), in its continued effort to address the severe skills shortage in South Africa, has announced its External Bursary Scheme for the year 2024. The scheme aims to provide educational support to students from disadvantaged backgrounds who are pursuing studies in fields relevant to the functions and activities of the Bank.

The Bank’s bursary scheme is part of its corporate social initiatives, and with it, a number of external bursaries are made available each year to qualifying Grade 12 pupils, enabling them to embark on full-time studies. The total number of students and related bursary costs are reviewed annually.

Empowering Students Across Various Fields of Study

The bursary scheme is not restricted to only finance-related fields, but it covers a wide range of studies that have a bearing on the functions and activities of the Bank. The fields of study include, but are not limited to, Economics, Actuarial Sciences, Mathematical Statistics, Information Technology, Finance, Law and Accounting.

Interestingly, the Bank has also extended its support to students intending to pursue fields like Medicine, Dentistry and Social Work. Students are encouraged to visit the Bank’s official website to gain more insights into the Bank’s activities and functions.

Bursary Scheme: A Comprehensive Support System

Once granted, the bursary is applicable from the first academic year and is reviewed annually. Bursary holders need not reapply each year, making the process hassle-free and focused on academic progression.

In addition to providing financial support for academic studies, the Bank also provides vacation work opportunities to bursary holders. These opportunities, funded by the Bank, help students gain practical experience and enhance their skills.

Awarding Bursaries: A Fair and Transparent Process

The Bank has established a fair and transparent process for the awarding of bursaries. To qualify, applicants must have obtained an average of at least 70 percent in their June Matric/Grade 12 examinations. However, the final awarding is subject to final results and enrolment acceptance at a South African university.

The Bank’s bursary scheme is exclusively for South African citizens who do not have the financial means to attend university. This focus on disadvantaged students further emphasizes the Bank’s commitment to improving the skill set in the country.

Application Process

Students who wish to apply for the bursary scheme must submit their applications by 30 September of each year. The application must include examination results, proof of acceptance at a recognized institution (student number), and any other supporting documents. Applications can be sent by post to Mr John Legoete, P.O. Box 30632, Braamfontein, 2017, or by fax to 086 609 7183, or by email to applications@careerwise.co.za. Online applications can be made via the website.

Once successful, potential external bursars will be required to attend an interview and sign an agreement with the Bank.

Keeping Up with Academic Progress

Bursary holders are required to submit their examination results before 31 December each year, regardless of whether or not they will be awarded a bursary for the following year. Existing bursars must successfully complete the academic year to be eligible for further funding.

Conclusion

The South African Reserve Bank’s External Bursary Scheme is a commendable initiative to combat the skills shortage in the country. By providing financial support to disadvantaged students, the Bank is not just empowering individuals, but it is also contributing to the future prosperity of South Africa. Interested students areencouraged to explore this opportunity and apply in time.

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The Bank’s bursary scheme is not just a financial support system; it is a comprehensive package that includes academic support, vocational training, and skill development opportunities. It is a ray of hope for those students who have the will to learn but lack the means. The scheme is helping to shape a brighter future for South Africa by investing in the nation’s most valuable resource – its youth.

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