NSFAS will maintain the direct payment system introduced in May 2024, which deposits allowances directly into students’ personal bank accounts. This approach has eliminated intermediaries, significantly reducing delays and improving efficiency.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. NSFAS funding covers tuition and registration fees, as well as several allowances for food, accommodation, and learning materials
Students Urged to Open Bank Accounts
To ensure smooth disbursement of allowances, NSFAS has instructed TVET colleges to encourage students to open bank accounts at any South African banking institution. This is essential for receiving funds on time.
Only students with confirmed funding and submitted registration data are eligible to add banking details. Students can update their information on the myNSFAS portal by logging in, selecting "Bank Account Details" under "Profile Information," entering their details accurately, and clicking "Save."
Benefits of the Direct Payment System
NSFAS administrator Freeman Nomvalo highlighted the key advantages of the direct payment system. It has proven more cost-efficient by cutting transaction fees previously incurred by both NSFAS and students.
The streamlined system has also reduced technical issues, delays, and complaints, providing a more stable and reliable payment experience.
Keeping Profiles Updated
NSFAS urges students to ensure their profiles are up to date and their banking details are submitted promptly. Doing so will minimise disruptions and ensure a seamless allowance payment process for the 2025 academic year.
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