The National Student Financial Aid Scheme (NSFAS) confirmed funding for over 1 million students for the 2023 academic year. This is the first time NSFAS will simultaneously distribute funding for tuition and allowances to such a large number of students.
NSFAS has introduced a system to cater for the ever-increasing number of beneficiaries and to ensure that they receive allowances in a seamless and secure way through the new #NSFASBankAccount. In 2022, the #NSFASBankAccount was introduced for students in TVET colleges.
As of June 2023, university students funded by NSFAS will receive their allowances via the #NSFASBankAccount, enabling them to receive their allowances directly from NSFAS. The account provides many benefits and financial freedom to students.
After registering for a #NSFASBankAccount, beneficiaries will receive a virtual or physical card which will allow them to enjoy benefits such as:
- Withdrawing cash from ATMs and selected retail stores.
- Making electronic transfers.
- They will be able to make online transactions and purchases from online stores.
- The card is secure as it comes with a personalised identification number.
- Download the allocated partner’s mobile app and perform EFT transactions.
- Beneficiaries will own a virtual card with a ‘Tap to Pay’ functionality.
- Beneficiaries will have complete visibility of all transactions and balances via different approved platforms (preferably online, mobile application and USSD).
- An SMS will be sent to them each time a transaction is performed.
University students will receive SMSes and emails which request them to register for their NSFAS Bank Accounts. Students will need to click the link in the message and register to avoid delays in receiving their allowance.
The system will allow students to capture, validate and update their personal details through a secure validation mechanism. The system allows NSFAS to stop payments, and block/unblock and flag accounts in cases of fraud, death, etc.
Students will receive essential messages via SMS, email or other platforms at different points of their transacting journeys. The system also allows students to view all transactions and balances.
Visit the NSFAS website for more information regarding the NSFAS Bank Account system.
