NSFAS Bank Account
As part of the digital transformation at NSFAS, all NSFAS beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card as of the 2023 academic year.
NSFAS has confirmed funding for over 1 million students for the 2023 academic year. This is the first time the scheme will get to simultaneously disburse funding for tuition and allowances to such a large number of students. NSFAS has devised a system to cater for the ever-increasing number of beneficiaries, and to ensure that they receive allowances in a seamless and secure way through the new NSFAS Bank Account.
The NSFAS Bank Account was introduced in 2022 for students in TVET colleges and the great news is that it has now arrived for university students.
As of June 2023, university students funded by NSFAS will receive their allowances via the NSFAS Bank Account, enabling them to receive their monies directly from NSFAS.
Direct payment onboarding For University students
Institutions to be onboarded by Coinvest:
- Rhodes University
- Sefako Makgatho Health Science University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
Institutions to be onboarded by eZaga:
- Durban University Of Technology
- Tshwane University Of Technology
- University Of Free State
- University Of Limpopo
- University Of Zululand
- Vaal University Of Technology
Institutions to be onboarded by Norraco:
- Central University Of Technology
- Mangosuthu University Of Technology
- Nelson Mandela University
- North West University
- University Of Fort Hare
- University Of Johannesburg
- University Of Western Cape
Institutions to be onboarded by TeneTech Technologies:
- Cape Peninsula University Of Technology
- University Of KwaZulu Natal
- University of Venda
- University of Pretoria
- University of Witwatersrand
- Walter Sisulu University
Benefits to the students
Your NSFAS bank card comes with loads of benefits and a monthly charge of only R12!
The account comes with enormous benefits and financial freedom for students. After registering for a NSFAS Bank Account, beneficiaries will receive a virtual or physical card which will allow them to enjoy benefits such as:
- Withdrawing cash from ATMs and selected retail stores.
- Making electronic transfers to as with normal bank accounts.
- They will be able to make online transactions and purchases from online stores.
- The card is secure as it comes with a personalised identification number.
- Download the allocated partner’s mobile app and perform EFT transactions.
- Beneficiaries will own a virtual card with a ‘Tap to Pay’ functionality.
- Beneficiaries will have complete visibility of all transactions and balances via different approved platforms (preferably online, mobile application and USSD).
- An SMS will be sent to them each time a transaction is performed. We still urge all university students whose NSFAS funding for the 2023 academic year has been approved to register for a NSFAS bank account to receive their allowances and have a smooth academic journey.
- SMSes and Emails were sent out to university students requesting them to register for their NSFAS Bank Accounts. Click on the link in the messages and register now to avoid delays with receiving your allowance.
To guarantee a pleasant student experience and that student allowances are used for what they are intended for, NSFAS took precautionary measures, and the system will be secure and easy to use.
- Students will be issued with a physical and a virtual card.
- The new system will be able to restrict transactions to allowable commodities.
- Students will receive third party customer rewards as part of value-added.
- The use of student data will be in line with the Protection of Personal Information Act (POPIA).
- There will be a call Centre facility and several query resolution mechanisms to support students nationally, anywhere in the country.
- The solution will allow students to capture, validate and update their personal details through a secure validation mechanism.
- The solution meets all financial sector regulatory standards and can stop payments, and block/unblock and flag accounts in cases of fraud, death, etc.
- Students will receive essential messages via SMS, email or other platforms at different points of their transacting journeys.
- Students will have complete visibility of all transactions and balances.
NSFAS funded students receive monthly allowances towards either:
- Other living expenses;
The new solution will help students manage their finances suitably and teach them financial responsibility.