Connect with us


NSFAS Introduces New Bank Account and MasterCard for Student Allowances



NSFAS Introduces New Bank Account and MasterCard for Student Allowances

In this month’s allowance, students will be able to access their allowances through a bank account, which is a new payment method established by the National Student Financial Aid Scheme.


The National Student Financial Aid Scheme (NSFAS) has implemented a new payment solution for the disbursement of student allowances. Beginning July 2023, eligible students will receive their NSFAS allowances through a newly introduced NSFAS bank account, in collaboration with third-party financial service providers. This move aims to provide students with more control over their funds and ensure a secure and student-centric approach to payment.

Transition to the NSFAS Bank Account:

  • NSFAS has announced that students who successfully registered with the financial service provider contracted to their university will receive their July 2023 allowances via the new NSFAS bank account.
  • The first payment of allowances through the bank account has been successfully processed, marking a significant milestone for the scheme.

Benefits of the NSFAS MasterCard:

  • Students will utilize the new NSFAS MasterCard associated with their bank account to access their allowances.
  • The NSFAS MasterCard offers value-added services, negotiated rates, and banking freedom, providing students with convenient and efficient access to their funds.

Urgent Registration:

  • Students who have not yet registered for the NSFAS MasterCard are urged to do so promptly.
  • It remains unclear whether students who fail to register for the new payment solution will be able to access their allowances.
See also  NSFAS Changes Course Pass Criteria

Collaboration with Financial Service Providers:

  • The NSFAS bank account and MasterCard were developed in collaboration with third-party financial service providers, including eZaga, Coinvest, Morocco, and Tenet Technology.
  • Students are required to register or onboard each of these financial service providers to ensure seamless access to their allowances.

Empowering Students:

  • The introduction of the NSFAS bank account and MasterCard aims to empower students by giving them more control over their funds.
  • The new payment solution addresses previous issues with the distribution of allowances and provides students with greater financial independence.

Comprehensive NSFAS Bursaries:

  • NSFAS offers comprehensive bursaries to eligible students enrolled in approved programs at South African universities.
  • In addition to covering tuition and registration fees, NSFAS also provides allowances for accommodation, learning materials, and living expenses.


The NSFAS’s implementation of a new bank account and MasterCard for student allowances signifies a significant step toward enhancing financial accessibility and control for eligible students. By streamlining the payment process and empowering students, NSFAS aims to ensure a more efficient and student-centric approach to disbursing allowances. It is imperative for all students to register for the NSFAS MasterCard to ensure uninterrupted access to their allowances.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *