Thousands of university students in South Africa are being funded by the National Student Financial Aid Scheme (NSFAS). These students were instructed to register for a NSFAS bank account to ensure they have access to their allowances from July 2023.
NSFAS provides comprehensive bursaries to eligible students enrolled in approved programmes at universities around South Africa.
In addition to paying a funded student’s tuition and registration fees, NSFAS also provides students with several allowances, including an accommodation allowance, a learning material allowance and a living allowance.
In 2022, NSFAS announced that it will introduce a new direct allowance payment solution for students. In 2023, this new payment solution was finally extended to include students studying at universities in South Africa.
The new solution will help students manage their finances suitably and teach them financial responsibility.
The new payment solution will see students issued with a NSFAS mastercard. Allowances will be paid directly to students through their NSFAS mastercard.
NSFAS partners with four service providers to bring this new payment solution to students. These four partners were allocated several universities to which they will provide services.
Students At These Universities Must Register With Tenet Technology
- Cape Peninsula University of Technology (CPUT)
- University of KwaZulu-Natal (UKZN)
- University of Venda (UNIVEN)
- University of Pretoria (UP)
- University of Witwatersrand (WITS)
- Walter Sisulu University (WSU)
NSFAS warned that students at these universities will not be able to access their NSFAS allowances in July 2023 if they do not register with Tenet Technology for their NSFAS bank account.
if you are studying at one of the institutions on the list below, register to receive your allowances. You will not be able to access your allowances for the month of July if you do not register for an account
Steps To Get Your Tenet Technology Nsfas Mastercard
Step 1: Register on the Tenet Technology NSFAS Page
Step 3: Enter Your Personal Details
Step 4: Upload a photo of your Identity Document for verification purposes
Step 5: Upload a selfie of yourself holding your Identity Document
Once you have completed these steps, Tenet Technology will assign a bank account number to your student number. A NSFAS bank card will be distributed to you at your campus.
Students who registered for their NSFAS bank account can withdraw money from ATMs and selected retail stores. They will also be able to make electronic transfers as with normal bank accounts.
They will be able to make online transactions and purchases from online stores and enjoy tap-to-pay functionality.
It's important to note that students living with disabilities will continue to receive their NSFAS allowances from the institution they attend.
This article was updated on Wednesday 12 July 2023