The National Student Financial Aid Scheme (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 to assist TVET college students.
NSFAS beneficiaries are advised that NSFAS will send information to the bank card partners of students. Thereafter, Mastercard will send them an SMS for them to register and be onboarded.
Institutions to be onboarded by Coinvest:
- Rhodes University
- Sefako Makgatho Health Science University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
Institutions to be 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
Institutions to be onboarded by Norraco:
- Central University Of Technology
- Mangosuthu University Of Technology
- Nelson Mandela University
- North West University
- University Of Fort Hare
- University Of Johannesburg
- University Of Western Cape
Institutions to be onboarded by TeneTech Technologies:
- Cape Peninsula University Of Technology
- University Of KwaZulu Natal
- University of Venda
- University of Pretoria
- University of Witwatersrand
- Walter Sisulu University
Students may also visit the NSFAS website to register for and learn more about the NSFAS bank account system. 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.
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.
