The National Student Financial Aid Scheme (NSFAS) has warned students against verifying their bank account details via SMS. This comes amid a rise in phishing scams.
NSFAS provides comprehensive bursaries and student loans to deserving students enrolled in approved courses at universities and TVET colleges. This funding covers tuition and registration fees. Students also receive several allowances for food, accommodation, and learning materials.
In 2025, NSFAS will fund close to a million students. These students will receive their allowance payments either via their institution (university students) or directly from NSFAS (TVET College students)
However, the scheme received reports from students who received SMS requiring bank verification.
We have been made aware of an ongoing cyber scam targeting NSFAS-funded students. Scammers are sending SMSes and emails to students requesting they verify their banking details through a link.
NSFAS warned students against providing their personal information to unknown individuals. This scammer has allegedly requested personal information and money from students.
Please remember that NSFAS services are free, we will never ask you to pay a fee for assistance with your enquiries and never share your personal or myNSFAS with anyone.
How NSFAS Allowances Are Paid For University Students
Universities will pay NSFAS allowances to students, and several have unveiled their NSFAS allowance payment plans.
NSFAS planned for allowances for university students to be paid directly to their personal bank accounts. The scheme has however been unable to put this in place due to an ongoing court case.
How NSFAS Allowances Are Paid For TVET Colleges
TVET College students receive their NSFAS allowances directly to their personal bank accounts. NSFAS called on TVET College students to upload their banking details on the myNSFAS portal to ensure they receive their allowance payments on time.
Only students with confirmed funding and submitted registration data can add their banking details on the myNSFAS portal.
How TVET Students Could Upload Bank Details
- Visit the myNSFAS portal.
- Log in using your myNSFAS credentials.
- Select "Bank Account Details" under "Profile Information."
- Enter your bank details.
- Click "Save."
