More than 900,000 students will be supported by the National Student Financial Aid Scheme (NSFAS) during the 2023 academic year. The financial aid scheme is warning these students against sharing their NSFAS credentials as they noted an increase in fraudulent activities.
NSFAS-funded students enjoy comprehensive funding that aims to cover all the costs associated with a student’s tertiary education journey.
In 2023, NSFAS introduced a new payment solution that will see funded students issued with a Mastercard. Students will be able to use their NSFAS Mastercard to access the allowances provided to them by the financial aid scheme, including their transport allowances, living allowances and learning material allowances.
The financial aid scheme partnered with four distribution partners to provide this new payment solution to students.
Related Article: How To Login To MyNsfas Student Portal
Their payment partners include Coinvest, eZaga, Norraco and Tenet Technology. NSFAS revealed that fraudulent websites have been set up purporting to be one of the distribution partners to attempt to solicit information from students.
Please be aware of fraudulent websites and social media links that request your personal details to withdraw your allowances.
NSFAS called on students to be cautious about sharing their information. They added that neither NSFAS nor their payment partners will request login information from students.
NSFAS and its payment partners will never request a student to share their login details, including the password, or transfer money on their behalf.
The financial aid scheme advised students that any request for information regarding their NSFAS funding must be treated with caution. They encouraged students to report any suspicious activity to the appropriate authorities.
NSFAS provides comprehensive bursaries that enable students from poor and working-class backgrounds to obtain an undergraduate qualification.
They will pay a student's tuition and registration fees and provide them with several allowances that aim to cover additional costs associated with tertiary education.
