At least an estimated 900,000 students will be funded by the National Student Financial Aid Scheme (NSFAS), but not all of them will be onboarded onto the new payment system immediately.
The Scheme revealed that it will pilot this solution with a set number of students first, following which the full roll-out will occur in a phased-in approach.
This will be followed by all bursary recipients receiving their monthly allowances and transacting through the NSFAS Bank Account.
Recently, the NSFAS Bank Account has been made available for university students, they have been advised to register for an account and they may consult the Scheme’s official website for more information on how to register for an account.
In a statement, the government bursary scheme has shared:
As of June 2023, NSFAS will be paying allowances directly via the NSFAS Bank Account.
NSFAS-funded students will receive monthly allowances towards either food, transport, and other living expenses.
Since 26 universities will be onboarded by four distributing partners, it is important that students also check which partner their particular university is listed under.
“Please note that allowances for students with disabilities will still be paid through the institutions,” revealed NSFAS.
Some of the NSFAS bursary recipients have shared that they are excited as student allowances will be easily accessible through this new method and they will no longer be forced to wait in long queues to withdraw their funds.
One of the perks of using the NSFAS bank account includes being able to put your savings to good use and invest in your future.
Are Personal Banking Details Necessary for NSFAS Onboarding?
NSFAS-funded students will not be asked for their personal banking details to onboard onto the NSFAS Bank Account.
Once the students have been onboarded onto the new NSFAS system, they will receive a card (virtual or physical) to perform transactions as they would with their bank accounts.
Should students have questions on how they can onboard with the new NSFAS Bank Account, they will need to visit the NSFAS website or follow updates on the Scheme’s official social media pages.