NSFAS Bank Account No Longer Used To Pay Allowances

The National Student Financial Aid Scheme (NSFAS) is responsible for the funding of thousands of students in South Africa at universities and TVET Colleges. With the recent events unfolding at NSFAS, another major announcement has come.

NSFAS recently announced:

Do not use the previous NSFAS Payment Black Card.

The Direct Payment solution was introduced by NSFAS in 2022. This saw NSFAS allowances paid to students using a NSFAS bank account facilitated by fintech providers.

However, this new system only brought challenges along with it which lead to students having to pay exorbitant bank charges and allowances being delayed.

Now, NSFAS has said that the system will be scrapped. TVET College students will now be receiving their allowances through a bank account at a bank of their choice and university students having their allowances paid directly by universities until the end of July.

The financial aid scheme has said, "NSFAS has devised a payment mechanism to address the ongoing allowance payment challenges through its internal banker".

This will be implemented for the payments that are due at the end of May 2024.

TVET College NSFAS Allowances Update

Administrator of NSFAS, Mr Freeman Nomvalo has asked all TVET College students who don't have bank accounts to open one and inform the scheme of their details via their MyNSFAS login account. The account can be with any South African bank of the student's choice.

However, steps need to be taken before students can receive their NSFAS allowance payments.

Here's How To Submit Your Bank Details To Get NSFAS Allowances

1. Visit the NSFAS website
2. Click on 'myNSFAS portal'
3. Log in using your myNSFAS account username and password
4. Click on 'bank account details' which you can find under 'Profile information'
5. Fill in your banking details for your bank account
6. Click on 'Save'

Once you finish this process, NSFAS will then verify the information you submitted to check for successful submission of your banking details. NSFAS will then let you know once this verification process is finished and start the process of paying NSFAS allowances.