NSFAF leaves N$20.3 million in student repayments unallocated
The Namibia Students Financial Assistant Fund (NSFAF) has failed to allocate over N$20.3 million in student repayments to individual accounts due to a stalled system migration. An auditor general report highlights that the fund lacks an effective loan recovery plan and has failed to meet international accounting standards.
Why it matters
The mismanagement of billions in student debt threatens the financial sustainability of a critical national education funding body and impacts the credit balances of thousands of former students.
Former students have repaid more than N$20.3 million to the Namibia Students Financial Assistant Fund (NSFAF), but by March 2025 the money had not been credited to their loan accounts because of a system change.
In the 2024/25 financial year, former NSFAF beneficiaries paid N$21.5 million back to the institution.
According to the auditor general’s report, repayments totalling N$20.3 million were held in a clearing account as at 31 March 2025, instead of being allocated to individual student loan accounts.
This comes after the institution in the past threatened former beneficiaries with blacklisting and court action if they fail to repay their loans.
Auditor general Junias Kandjeke says the problem came as a result of a moratorium on the Acumatica (AcuLoan) system migration.
AcuLoan is a specialised add-on that runs natively inside Acumatica to handle loan origins, the calculation of interest, repayments, and account servicing.
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