When the government bursary scheme announced the introduction of the new National Student Financial Aid Scheme (NSFAS) mastercard for bursary recipients, it also explained that this is part of its digital transformation efforts.
“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,” said shared the Department of Higher Education, Science and Innovation Minister, Dr. Blade Nzimande.
In 2022, Nzimande also indicated that NSFAS will pilot this solution with a number of students first, following which the full roll-out will occur in a phased approach for 2023.
In a statement, the Scheme has announced:
The NSFAS Bank Account for university students is finally here.
Students have been advised to register for an account, and also check whether their institution of learning has been listed for onboarding.
Here are the institutions that will 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
Here are institutions that will be onboarded by Tenet Technologies:
- Cape Peninsula University of Technology
- University of Kwazulu Natal
- University of Venda
- University of Pretoria
- University of Western Cape
- University of Witwatersrand
- Walter Sisulu University.
Here are institutions that will be onboarded by Coinvest:
- Rhodes University
- Sefako Makgatho Health Science University
- Sol Plaatjie University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
Here are institutions that will be onboarded by Noracco:
- Central University of Technology
- Mangosuthu University of Technology
- Nelson Mandela University
- North West University
- University of Fort Hare
- University of Johannesburg
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.
Students will also benefit in using their savings by starting their own business, purchasing investigating equipment whilst keeping a healthy flow of their money.
By doing so, students will grant themselves a platform to have practical pre-work experience on what they are studying.
The bursary scheme has also advised students to limit the number of times that they eat out and rather do a monthly grocery shopping instead.
Are Personal Banking Details Necessary for NSFAS Onboarding?
The Scheme has made it clear that students will not be required to use their personal banking details to onboard onto the NSFAS Bank Account.
Once the bursary recipients have been onboarded onto the new system, they will receive a card (virtual or physical) to perform transactions as they would with mainstream bank accounts.
To onboard onto the new NSFAS Bank Account, students have been encouraged to visit the official NSFAS website or follow updates on their social media pages for updates.