As part of its efforts to facilitate direct payments to tertiary students, the National Student Financial Aid Scheme (NSFAS) introduced the NSFAS bank account, and it is now being rolled out to all university students who are currently funded by the scheme.
The NSFAS bank account was introduced in collaboration with third-party financial service providers eZaga, Coinvest, Morocco and Tenet Technology. NSFAS has called on its funded students to register or onboard each of the above-mention FSPs.
Students from the universities listed below will have their NSFAS bank accounts onboarded by eZaga:
- Durban University Of Technology
- Tshwane University Of Technology
- University of Free State
- University of Limpopo
- University of Zululand
- Vaal University of Technology
Universities to be onboarded by Tenet Technologies
- Cape Peninsula University of Technology
- University of Kwa Zulu Natal
- University of Venda
- University of Pretoria
- University of Western Cape
- University of Witwatersrand
- Walter Sulu University
Universities to be onboarded by Noracco
- Central University of Technology
- Mangosuthu University of Technology
- Nelson Mandela University
- North West University
- University of Fort Hare
- University of Johannesburg
Universities to be onboarded by Coinvest
- Rhodes University
- Sefako Makgatho Health Science University
- Sol Plaatjie University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
By registering for and opening their NSFAS Bank Account, beneficiaries will be able to receive their allowances directly from NSFAS, without having to wait for the funds to be paid through the institutions they are studying at.
This means that beneficiaries can access their funds quicker, which is especially important for those who depend on these allowances to cover their daily expenses. NSFAS has also confirmed that students will start receiving their allowance in June directly. However, students with disabilities will be paid through institutions.
Benefits of Having A NSFAS bank account
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.
NSFAS-funded students can also their NSFAS bank account for saving and managing their allowance funds. This can also help in ensuring that you are able to set aside funds for groceries rather than ordering from restaurants.
Another advantage of the NSFAS Bank Account is that it is a safe and secure way for beneficiaries to receive their allowances. The account is protected by security measures such as PIN codes, One Time Pins (OTPs), and biometric authentication, which ensure that only the account holder can access the funds.
This reduces the risk of fraud, theft, or other forms of financial loss that beneficiaries may be exposed to if they receive their allowances through other means. NSFAS has made it easy for beneficiaries to register for the NSFAS Bank Account.
