The National Student Financial Aid Scheme (NSFAS) is calling on Technical and Vocational Education and Training (TVET) college students who failed the NSFAS bank verification for May 2024 to reupload their bank account information to ensure they are paid June 2024.
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.
In May, NSFAS revealed that TVET college students who receive their NSFAS allowances paid directly into a bank account of their choice. Students were required to upload their bank details on the myNSFAS portal to ensure they received their allowances on time.
The financial aid scheme revealed that more than 7,000 TVET college students failed the NSFAS bank account verification checks. This meant that many of them did not receive their May 2024 allowances on time.
NSFAS has called on these students to upload their bank details on the myNSFAS portal immediately. They have stressed the importance of ensuring that the bank account details are accurate and correct.
If you have received a notification that your banking verification has failed, you need to update the correct banking details on the myNSFAS portal.
Students are reminded to upload their bank details. Using another person's bank account will not be permitted.
Ensure the banking details belong to you as you may not submit someone else’s banking details
Only students with confirmed funding and submitted registration data can add their banking details on the myNSFAS portal. NSFAS will verify all submitted bank accounts.
The new direct payment system means that previous NSFAS Direct bank accounts will no longer be used.
Do not use the previous NSFAS Direct Payment Black Card.
Steps to Upload Your Bank Details for NSFAS Allowances
- Visit the myNSFAS portal: myNSFAS Portal
- Log in using your myNSFAS credentials.
- Under "Profile Information," select "Bank Account Details."
- Enter your bank details from your chosen bank.
- Click "Save."
Students are required to log onto their myNSFAS account and submit their banking details for NSFAS to pay them through a bank of their choice. NSFAS will verify the submitted information directly with your bank.
