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This Friday, NSFAS will Deposit Allowance Payments

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This Friday, NSFAS will Deposit Allowance Payments

NSFA has introduced a new payment method for students to access their monthly allowances. For the convenience of receiving their allowances, students are encouraged to open an NSFAS bank account.

Introduction

NSFAS announced earlier this year that it would introduce a new Mastercard for bursary recipients as part of its digital transformation initiatives.

NSFAS Master cards and bank accounts will give beneficiaries greater control over their funds. Blade Nzimande, the Minister of Higher Education, said

To correct issues with the payment of allowances, the Scheme sought an alternative, secure and student-centred approach, which will see students receiving their allowances through a bank card. 

NSFAS has previously confirmed that students will start directly receiving their allowance in June. Students with disabilities will still be paid through institutions.

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NSFAS will be making the first payment of allowances through the #NSFASBankAccount this Friday, 30 June 2023. 

The financial aid scheme has stated that:

This payment of allowances will be made for all students whose registration data has been successfully linked and whose accounts have been created. We encourage students who have not been onboarded to do so as soon as possible so that your allowances can be paid by NSFAS.

NSFAS has previously confirmed that students will receive their allowances directly in June. Disabled students will still be paid through institutions.

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This Friday, 30 June 2023, NSFAS will make the first payment of allowances through the #NSFASBankAccount. 

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The financial aid scheme has stated that:

Those students whose registration data has been successfully linked and who have registered for an account will be eligible for this payment. We urge students who have not yet onboarded to do so as soon as possible in order for NSFAS to pay your allowances.

Third-party financial service providers eZaga, Coinvest, Morocco, and Tenet Technology have worked with NSFAS to introduce the bank account. Each of the above-mentioned FSPs has been requested by NSFAS for its funded students to register or onboard. 

The following institutions will be onboarded by eZaga:

  1. Durban University of Technology (DUT)
  2. Tshwane University of Technology
  3. University of Free State (UFS)
  4. University of Limpopo
  5. University of Zululand 
  6. Vaal University of Technology

The following institutions will be onboarded by Tenet Technologies:

  1. Cape Peninsula University of Technology (CPUT)
  2. University of KwaZulu-Natal (UKZN)
  3. University of Venda
  4. University of Pretoria (UP)
  5. University of Western Cape (UWC)
  6. University of Witwatersrand (Wits)
  7. Walter Sisulu University.

The following institutions will be onboarded by Coinvest:

  1. Rhodes University
  2. Sefako Makgatho Health Science University
  3. Sol Plaatjie University
  4. Stellenbosch University
  5. University of Cape Town (UCT)
  6. University of Mpumalanga
  7. University of South Africa (Unisa)

The following institutions will be onboarded by Noracco:

  1. Central University of Technology (CUT) 
  2. Mangosuthu University of Technology
  3. Nelson Mandela University (NMU)
  4. North West University (NWU)
  5. University of Fort Hare (UFH)
  6. University of Johannesburg (UJ)

Students will have access to value-added services, negotiated rates and banking freedom with these new Mastercard. 

See also  NSFAS Unveils Semester 2 Bursary Applications for TVET College Students

Upon opening their NSFAS Bank Account, beneficiaries will be able to receive their allowances directly from NSFAS, without having to wait for them to be paid through their educational institutions. 

Those who rely on these allowances to cover their daily expenses will benefit from faster access to funds.

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The function of performing EFT transactions will also be improved through the availability of mobile apps. 

These are big changes for the students. Plans are in place to prepare them for this new journey and to equip them with the necessary tools.

The benefits of having a NSFAS bank account 

An NSFAS Bank Account not only allows students to access their allowances faster but also provides them with additional benefits. 

Beneficiaries can, for example, check their balances, make payments, and transfer funds via mobile banking services. Those without easy access to physical bank branches or who have difficulty traveling may benefit from this service.

NSFAS-funded students can also use their NSFAS bank accounts to save and manage their allowances. Additionally, you can use this to ensure that you set aside funds for groceries rather than ordering takeout.   

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NSFAS took several precautions to ensure the system would be secure and easy to use. There will also be a call center facility and a number of query resolution mechanisms available to students across the country. 

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