Thousands Of Students Bank Verification Failed For NSFAS Allowance Payments

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Thousands of TVET college students will not receive their May 2024 NSFAS allowances on time. This comes after many of the students failed the bank verification undertaken by NSFAS. 

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The National Student Financial Aid Scheme (NSFAS) has confirmed that thousands of students will not receive their NSFAS allowance payments for May 2024. This comes after many of the students who uploaded their banking details on the myNSFAS portal failed the bank verification checks conducted by the bursary scheme. 

NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials. 

Following months of allowance payment challenges, NSFAS implemented a new payment allowance system for Technical and Vocational Education and Training (TVET) college students. 

This new payment system would see students receive their NSFAS allowances directly in their bank accounts. NSFAS called on all TVET College students to upload their bank account details on the myNSFAS portal to ensure their allowances are paid on time. 

A statement released by NSFAS stated:

After calling on all students funded by the National Student Financial Aid Scheme (NSFAS) at TVET colleges to submit their banking details online, NSFAS has concluded the verification process in preparation for the end of May 2024 TVET student allowance payment run.

NSFAS indicated that more than 211,000 students will be paid their May 2024 allowances after the financial aid scheme successfully verified their bank accounts.

In terms of the data received thus far, a total of 211 591 have been verified. All students whose bank accounts were successfully verified will henceforth receive their allowances directly via their bank accounts.

However, NSFAS revealed that a total of 7,160 students failed the bank verification checks. They explained that bank verification failures were due to the bank accounts not belonging to the students. 

A total of 7160 failed the verification checks, due to updated Bank accounts that do not belong to student.

"Students must provide information that is accurate so that the system can accept the information they submit ... some students submit parents' bank accounts and this creates problems in terms of verification and we urge all students to open their own bank accounts," said NSFAS Administrator, Mr. Freeman Nomvalo.

NSFAS is now calling on all students who have already uploaded their personal banking details and have received a notification through the myNSFAS portal indicating that the verification of their details has failed to re-submit their correct banking details on the portal.

They explain that this will prevent further payment delays for their May 2024 NSFAS allowances. 

The banking details provided must belong to the student to enable NSFAS to verify these against the student's details on our record.

Update Your Banking Details 

  1. Log in to your myNSFAS using your username and password. 
  2. Once logged in, navigate to the “Banking Details” under the Profile Information. 
  3. Review the existing banking details provided by entering the account number, bank name, branch name, and account type. 
  4. If required, update the correct banking details, ensuring that all the information provided is accurate. 
  5. Once the update is complete, click on the “Save” or “Update” button to save changes. 

It's important to double-check the accuracy of the banking details before submitting them. Incorrect details may result in delays. 

NSFAS encouraged students facing any challenges to contact the financial aid scheme for assistance. This can be done via email or by calling the NSFAS contact centre on 080 006 7327 or sending an email to [email protected].

Suggested Article:

NSFAS verifying bank details

NSFAS called on students to upload bank details to ensure they receive their NSFAS allowances. The scheme has revealed what action students should take if their bank account verification has failed. 

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