The Namibia Students Financial Assistance Fund (NSFAF) says it requires more than N$3 billion to roll out its new Inclusive Multi-Optional Students Loan System (IM-OSLS) in the 2025 academic year.
The IM-OSLS marks a strategic shift from NSFAF’s pro-poor funding model to a more inclusive approach aimed at providing financial assistance to eligible Namibians from diverse backgrounds. The system is designed to broaden access to higher education and training opportunities.
Speaking during the launch of NSFAF’s online application process, acting CEO Kennedy Kandume highlighted the projected growth in student intakes under the new system.
“If we implement the Inclusive Multi-Optional Students Loan System, the Fund will need over N$3 billion as the number of new intakes is expected to surpass 30,000 students,” Kandume said.
This figure represents a significant increase from the anticipated normal growth of 24,098 new students.
Kandume revealed that in the 2024 academic year, NSFAF processed 31,144 loan applications, approving 22,339, accounting for 72% of the total.
Of the successful applicants, 12,924 (58%) were female, and 9,415 (42%) were male. Most funding was directed toward undergraduate studies, which accounted for 16,063 (72%) awards, followed by Technical and Vocational Education Training (TVET) programs with 5,970 (26.7%), and 306 awards for postgraduate studies.
With a 2024 budget of N$2.5 billion, NSFAF supported 53,793 beneficiaries, reflecting an 18.3% increase from 45,464 beneficiaries in 2023. Kandume noted the fund’s growing popularity, especially among the youth.
“NSFAF is appreciated by many Namibians for providing opportunities to needy learners to attain higher levels of education, which explains the growing number of applications each year,” he said.
The IM-OSLS is expected to further enhance NSFAF’s capacity to meet the financial needs of students and drive access to education across Namibia.
