Higher Education Minister Blade Nzimande has appointed the former CEO of the South African Institute of Chartered Accountants, Freeman Nomvalo, as the student funding scheme's new administrator. 

Nzimande appointed Nomvalo as the administrator for the National Student Financial Aid Scheme on Thursday. 

This came after Nzimande also dissolved the NSFAS board and placed the entity under administration with immediate effect. 

He is expected to brief the media regarding his decision to dissolve the board on Sunday. 

Makaneta said Nzimande should be hailed for taking practical steps by putting finance and audit professional at the centre of the NSFAS leadership. 

"We hope that the administrator will pave a way towards the ultimate appointment of the new chairperson and the new board of NSFAS in the near future.

"Finance and audit professionals are well known for maintaining oversight on all the matters that have to do with the financial well-being of companies and the state. It is precisely for this reason that we anticipate that the administrator will put in place all systems to ensure that students receive their allowances without delay."