Education policies in South Africa are aimed at redressing the legacies of under- and inequitable development, and at making learning opportunities available to all the citizens of this country. The "Amended Norms and Standards for School Funding Policy (2006)," which also outlines the no-fee policy, should be implemented in South African schools to promote the well-being of learners. The purpose of this conceptual paper is to shed light on capabilities needed for the implementation of the policy in South African schools. The paper proposed the implementation of Amartya Sen's "Capability Approach," which is a broad framework that can be used to evaluate various elements of well-being and in terms of the no-fee policy. A capability analysis was applied and key capabilities were identified in the no-fee policy of 2006. The paper suggests that capabilities such as autonomy, accountability and knowledge be implemented by principals of schools to cultivate a conducive school environment for the more effective implementation of the no-fee policy. The findings show that if principals apply the identified capabilities, learners' well-being might be enhanced. The results indicate that an application of a capability approach framework may be deemed desirable for the effective implementation of the no-fee policy.