July NSFAS Allowances Will Be Paid To NSFAS Bank Account

The National Student Financial Aids Scheme (NSFAS) recently confirmed the availability of student funding for more than 1 million qualifying tertiary students. The scheme has also taken on a more direct funding disbursement model for the current academic year going forward.

This will be done through the newly introduced NSFAS Bank Account, a bank account that is specifically tailored for NSFAS-funded students through which they will directly receive their monthly allowances.

Initially introduced in 2022, the NSFAS Bank account will see students receive their allowance through their NSFAS Mastercard in July. For this to happen, NSFAS has called on funded TVET college and university students to register for the NSFAS Bank account through each of its distributing partners, namely, Coinvest, eZaga, Morocco and Tenet Technology.

“We call on all of you guys to register for a #NSFASBankAccount to receive your July allowance via the account.”

It is also worth noting that upon receiving their NSFAS Mastercard, students will be required to activate it using the following steps:

How to activate NSFAS Mastercard

1. The SMS will contain an SMS with a link to download the Smartphone App.
2. Download the Tenetech Student App. 
3. Register your student number. 
4. Fill out and complete your personal details.
5. Upload a photo of your SA ID to securely verify that it is you.
6. Upload a selfie while holding your SA ID to further verify yourself.
7. A bank account number will be assigned to your student number.
8. A bank card will be delivered to you at your college or university

To further simplify the NSFAS Bank account onboarding process, NSFAS also published a list indicating which universities will register their NSFAS Bank Account with each of these distributing partners. The same has been done for TVET Colleges.

How The NSFAS Bank Account Will Benefit Students

In addition to the convenience of faster access to their allowances, opening a NSFAS Bank Account also allows students to benefit from other features that come with the account. 

For example, beneficiaries can access mobile banking services, which enable them to check their balances, make payments, and transfer funds. 

This is particularly useful for those who may not have easy access to physical bank branches or may have difficulty travelling to access their funds. Students will also have complete visibility of all transactions and balances via different approved platforms namely online, mobile application and USSD.