What To Do If Your NSFAS Bank Verification Fails

The National Student Financial Aid Scheme (NSFAS) has revealed what students need to do to ensure their NSFAS bank verification does not fail. Bank verification failure by NSFAS means that students will not receive their allowance payments on time. 

NSFAS plays a crucial role in supporting students from poor and working-class backgrounds, enabling them to pursue higher education without the burden of financial worries. The scheme offers comprehensive bursaries and student loans to eligible students enrolled in approved courses at universities and Technical and Vocational Education and Training (TVET) colleges. 

This funding covers tuition and registration fees, as well as various allowances for food, accommodation, and learning materials.

NSFAS Allowances Payment System For TVET Students 

NSFAS relieved that from May 2024, TVET college students will receive their allowances directly deposited into their personal bank accounts. Students could choose from any South African bank. 

Students were notified about this new system earlier this month.

For NSFAS allowances to be paid into a student's bank account, they would need to upload their bank details onto the myNSFAS platform. NSFAS would then verify the student's bank account details before depositing the students’ allowances. 

NSFAS revealed that some students will receive a notification indicating that their bank account verification has failed. 

The scheme says students that receive this notification, must revisit the myNSFAS portal and upload the correct banking details 

If you received a notification that your banking verification has failed, you need to urgently update the correct banking details on the myNSFAS portal. 

NSFAS reminded students that they may not use someone else’s bank account details on the myNSFAS platform. This will lead to their allowances not being paid. 

Please ensure that the banking details belong to you as you may not submit someone else’s banking details.

Here's How To Submit Your Bank Details To Get NSFAS Allowances

1. Visit the NSFAS website
2. Click on 'myNSFAS portal'
3. Log in using your myNSFAS account username and password
4. Click on 'bank account details' which you can find under 'Profile information'
5. Fill in your banking details for your bank account
6. Click on 'Save'

NSFAS called on all TVET college students to take action and upload their bank details to ensure they receive their NSFAS allowances on time.