How Does Coinvest Work For NSFAS Allowances? The Coinvest NSFAS Account

Please share this article


All university students funded by the National Student Financial Aid Scheme have been urged to complete the onboarding process for the new bank account system. Failure to do so could result in their July allowances being delayed.

Advertisement i

Last year, the National Student Financial Aid Scheme (NSFAS) announced that funded students would no longer be receiving their monthly student allowances via third parties, as the scheme has set up a new bank account system.

The bursary scheme revealed:

As part of the digital transformation at NSFAS, all NSFAS beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card as of the 2023 academic year.

The financial aid scheme partnered with four banking service providers to bring the new payment solution to students including Coinvest Africa. This is often referred to as a Nsfas bank account and allows mobile money transactions to happen. 

NSFAS Allowances Direct Payment

This new payment solution was first piloted and implemented for allowance payments to students attending TVET colleges. However, as of June 2023, NSFAS began rolling out the new payment system for university students as well and they were also encouraged to sign up for their Coinvest Nsfas account. The sign up process is simple. 

NSFAS warned that these university students will not be able to access their NSFAS student allowances in July 2023 if they do not register with Coinvest for their NSFAS bank account. The Coinvest money card will be issued to the student with the NSFAS funds reflecting on it. It is referred to a s digital bank account even though Coinvest isn't a bank - it is a fintech provider but the monthly allowances are still available to students via the Coinvest money card. 

Who should onboard with Coinvest for NSFAS?

Students at these Universities should register:

  • Rhodes University
  • Sefako Makgatho Health Science University
  • Sol Plaatjie University
  • Stellenbosch University
  • University of Mpumalanga
  • University of South Africa

How To Register With Coinvest

  1. Visit the official Coinvest Website to contact Coinvest
  2. Register an account
  3. Enter your ID number
  4. Complete your personal information
  5. Upload your Valid Personal Identification Document
  6. Prepare to take a selfie with a thumbs up close to your face in front of a light-coloured wall. Give a thumbs up and check that your face and thumb are in focus.
  7. Your account is now ready to be used.

Once students have successfully onboarded, they will receive a NSFAS Mastercard which will allow them to make money withdrawals from ATMs, selected retail stores and will also be able to make electronic transfers as with normal bank accounts. If you don't receive the physical card you can contact Coinvest, Their contact details on on their website. 

How Do You Withdraw Your Funds From Coinvest

There are a number of ways to withdraw funds from your Coinvest NSFAS bank account:

  • First you can withdraw at an ATM: You can withdraw cash at any ATM that displays the Mastercard logo.
  • The second way is at a retailer that has a credit terminal: You can use your Coinvest money card to make purchases at any terminal that accepts Mastercard payments.
  • The third way is through the Coinvest app.

Here are some additional tips to remember when you are withdrawing money from your Coinvest NSFAS account:

  • Make sure you have enough funds in your account to cover the cost of the withdrawal fee.
  • The minimum withdrawal fee is R10.
  • The maximum you can withdraw each day is R5,000.
  • You can only withdraw funds from ATMs that are in South Africa.

Other Transactions With Your NSFAS Card

In addition, they will be able to make online transactions and purchases from online stores and enjoy tap-to-pay functionality. 

Beneficiaries can access mobile banking services, which enable them to check their balances, make payments, and transfer funds.

They will also have complete visibility of all transactions and balances via different approved platforms namely online, mobile application and USSD. An SMS will be sent to them each time a transaction is performed. 

For more information on the new NSFAS bank account system students can visit the NSFAS website at


Suggested Article:

Student registering for Tenet NSFAS bank account

University students have less than a week to register for their National Student Financial Aid Scheme (NSFAS) bank account to ensure they can access their allowances in July. Students who fail to register will not be able to access their NSFAS allowances. 


Online Shopping Links

Takealot - Temu - Amazon - Shein


WhatsApp Channel

Sponsored Ad



Google News

Post-Matric Options


After completing your matric certificate exams, you are faced with a lot of post-matric options that can shape your future paths.

These options range from pursuing higher education at universities or colleges, entering vocational training programs, joining the workforce, or even starting your own business. There are so many choices but we are here to help.


Where to Study

Advertisement m

Other Articles

Feenix is an online crowdfunding platform that helps South African students cover their education costs through donations. Here’s how to create a Feenix crowdfunding profile:


Latest SASSA articles

Sassa revealed that individuals can submit Sassa grant applications online. Here's everything you need to know about Sassa online grant applications. 

Millions of people living in South Africa are unemployed. These people can apply for the R370 grant in June 2024. 


Careers Advice

Everyone is spending so much time online these days - which has lead to Digital Marketing growing into a big business. Working in Digital Marketing promises a long and profitable career but what exactly does a Digital Marketer do? And how do you get into Digital Marketing?

Advertisement i