NSFAS To Deposit Allowance Payments This Friday

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The National Student Financial Aid Scheme has established a new payment method students can use to access their monthly allowances. University students have been advised to open a NSFAS bank account to conveniently receive their allowances.


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The National Student Financial Aid Scheme (NSFAS), announced earlier this year its plans to introduce a new Mastercard for bursary recipients, explaining that this is part of its digital transformation efforts.

These new NSFAS Mastercards and bank accounts are to ensure that beneficiaries have more control of their funds. Minister of Higher Education, Blade Nzimande, said:

To correct issues with the payment of allowances, the Scheme sought an alternative, secure and student-centred approach, which will see students receiving their allowances through a bank card. 

NSFAS has previously confirmed that students will start directly receiving their allowance in June. Students with disabilities will still be paid through institutions.

NSFAS will be making the first payment of allowances through the #NSFASBankAccount this Friday, 30 June 2023. 

The financial aid scheme has stated that:

This payment of allowances will be for all students that have their registration data successfully linked and have registered for an account. Students who have not onboarded, we encourage you to do so urgently for NSFAS to pay your allowances.

NSFAS has previously confirmed that students will start directly receiving their allowance in June. Students with disabilities will still be paid through institutions.

NSFAS will be making the first payment of allowances through the #NSFASBankAccount this Friday, 30 June 2023. 

The financial aid scheme has stated that:

This payment of allowances will be for all students that have their registration data successfully linked and have registered for an account. Students who have not onboarded, we encourage you to do so urgently for NSFAS to pay your allowances.

The NSFAS bank account was introduced in collaboration with third-party financial service providers, namely eZaga, Coinvest, Morocco and Tenet Technology. NSFAS has called on its funded students to register or onboard each of the above-mention FSPs. 

Here are the institutions that will be onboarded by eZaga:

  1. Durban University of Technology (DUT)
  2. Tshwane University of Technology
  3. University of Free State (UFS)
  4. University of Limpopo
  5. University of Zululand 
  6. Vaal University of Technology

Here are institutions that will be onboarded by Tenet Technologies:

  1. Cape Peninsula University of Technology (CPUT)
  2. University of KwaZulu-Natal (UKZN)
  3. University of Venda
  4. University of Pretoria (UP)
  5. University of Western Cape (UWC)
  6. University of Witwatersrand (Wits)
  7. Walter Sisulu University.

Here are institutions that will be onboarded by Coinvest:

  1. Rhodes University
  2. Sefako Makgatho Health Science University
  3. Sol Plaatjie University
  4. Stellenbosch University
  5. University of Cape Town (UCT)
  6. University of Mpumalanga
  7. University of South Africa (Unisa)

Here are institutions that will be onboarded by Noracco:

  1. Central University of Technology (CUT) 
  2. Mangosuthu University of Technology
  3. Nelson Mandela University (NMU)
  4. North West University (NWU)
  5. University of Fort Hare (UFH)
  6. University of Johannesburg (UJ)

It is believed that these new Mastercards will provide students with access to value-added services, value for money-negotiated rates and banking freedom. 

By registering for and opening their NSFAS Bank Account, beneficiaries will be able to receive their allowances directly from NSFAS, without having to wait for the funds to be paid through the institutions they are studying at. 

This means that beneficiaries can access their funds quicker, which is especially important for those who depend on these allowances to cover their daily expenses.

Mobile apps will also be available for download to better improve the function of performing EFT transactions. 

This is a big change for the students. There are plans in place to prepare them and equip them with the necessary tools to navigate this new journey with ease.

Benefits of Having A NSFAS bank account 

In addition to the convenience of faster access to their allowances, opening a NSFAS Bank Account also allows students to benefit from other features that come with the account. 

For example, beneficiaries can access mobile banking services, which enable them to check their balances, make payments, and transfer funds. This is particularly useful for those who may not have easy access to physical bank branches or may have difficulty travelling to access their funds.

NSFAS-funded students can also use their NSFAS bank account for saving and managing their allowance funds. This can also help in ensuring that you are able to set aside funds for groceries rather than ordering from restaurants.   

NSFAS took several precautionary measures to ensure the system will be secure and easy to use for students. A call centre facility and several query resolution mechanisms will also be available to support students around the country. 

 

Suggested Article:

Higher Education Minister Blade Nzimande

NSFAS funded students are due to receive their allowance payments soon, but the bursary scheme requires all beneficiaries to follow their specified registration process. Allowance disbursements will be carried out differently for certain students.

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