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Benefits Of NSFAS Bank Accounts

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Benefits Of NSFAS Bank Accounts

NSFAS aims to eliminate the middleman when it comes to student allowance payments. It will be done through an NSFAS Bank account, which is said to have a number of benefits for students.

Table of Contents

Introduction

The National Student Financial Aid Scheme introduced the NSFAS Bank account for the 2023 academic year to facilitate direct payments to students. NSFAS-funded students specifically benefit from the account, as shown by its long list of benefits. This, however, is not often discussed. 

Students will only incur a monthly bank charge of R12 for transacting using their NSFAS Master Card. Additionally, the bursary scheme is proud of the fact that the accounts have security features to prevent students from becoming victims of fraud.

Mobile Banking Services

Beneficiaries can access mobile banking services, which allow them to access their balances, make payments, and transfer funds. People who do not have easy access to physical bank branches or who face travel difficulties may find this particularly useful. 

Additionally, students will own a virtual card that can be used for ‘Tap to Pay’. All transactions and balances will be visible via different approved platforms, including online, mobile applications, and USSD. Each time a transaction is performed, they will receive an SMS. 

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The NSFAS has also reiterated that students must complete the direct payment onboarding process in order to receive allowance payments. The NSFAS will also communicate this message to students via SMS and e-mail to ask them to register. They will be able to start the process by clicking a URL link accompanying the email.

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Through a secure validation process, students will be able to input, update, and verify their personal information. Through the system, NSFAS is able to stop payments, suspend or unblock accounts, and flag them in cases of suspected fraud.

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