According to the University of South Africa (Unisa), over 28 000 students have not received their allowances from the National Student Financial Aid Scheme (NSFAS). These students did not receive their allowances because they did not update their banking details using the university’s new electronic funds transfer (EFT) process.
Unisa students have been requested to check their myLife email account for the link to update their banking details on the new system. A few months ago the university introduced a new EFT process for NSFAS allowances and refunds.
Students may follow the steps listed below to update their bank details:
- Check your myLife email account, for an email with a secure link to a site where you can update your banking details.
- Read the email carefully.
- Click on the link.
- Enter your banking details.
- Wait for a verification status of your banking details.
Students are reminded that they may only use their own active bank account to receive allowances through the university. Unfortunately, they may not use a third party's bank account for the payment of the allowances because the university will not process the payments.
Once they have submitted their bank details, it will be verified against their ID number to ensure that the account belongs to them. The verification status will appear on their screens.
The verification status may take some time to appear, therefore, students are encouraged to revisit the site after some time has passed. In the event that the bank account verification failed or is rejected, students will need to re-enter their bank details.
Students may direct their queries to the Unisa Directorate of Student Funding at [email protected]. Students are reminded that NSFAS allowances will be processed twice a month, in the first and the third week of each month.
