University students can now get their allowances through an NSFAS bank account thanks to a recent NSFAS bank account introduction. More information on when students should sign up for an NSFAS bank account may be found here.
The National Student Financial Aid Scheme (NSFAS) has established a system to accommodate the steadily growing number of beneficiaries and to make sure that they receive benefits through the new #NSFASBankAccount in a seamless and secure manner. The #NSFASBankAccount was launched in 2022 to support TVET college students.
Beneficiaries of NSFAS are informed that NSFAS will communicate with students’ bank card partners. After then, Mastercard will send them an SMS asking them to sign up and join.
Institutions that Coinvest will accept on board:
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
- 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
- University Of Fort Hare
- University Of Johannesburg
- University Of Western Cape
Students can register for the NSFAS bank account system and find out more information by going to the NSFAS website. Beneficiaries will obtain a virtual or real card after signing up for a #NSFASBankAccount, which will enable them to take advantage of advantages like:
- Cash withdrawals from specific retail establishments and ATMs.
- transferring data electronically.
- They will have the ability to conduct online business and make purchases from Internet merchants.
- The fact that the card has a unique identification number makes it secure.
- Use the mobile app provided by the assigned partner to complete EFT transactions.
- Beneficiaries will have access to a virtual card with “Tap to Pay” capabilities.
Through various authorized platforms (ideally, the Internet, mobile applications, and USSD), beneficiaries would have full visibility to all transactions and balances.
- They will receive an SMS each time a transaction is completed.
Through a secure validation process, the system will enable students to input, verify, and update their personal information. The system enables NSFAS to halt payments, suspend or unblock accounts, and flag them in situations involving fraud, fatalities, etc.
At various stages of their transactional experiences, students will get critical messages by SMS, email, or other platforms. Students can view all transactions and balances using the system.