Thousands of NSFAS Allowance Payments Delayed Due to Bank Verification Issues

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Thousands of TVET College students will not be paid allowances for May 2024. NSFAS have revealed why. 


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The National Student Financial Aid Scheme (NSFAS) announced that thousands of students won't receive their May 2024 allowances due to failing bank verification checks.

NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials. 

New TVET College Payment System Leads to Verification Challenges

In an effort to streamline payments, NSFAS recently implemented a new system where TVET college students receive allowances directly in their bank accounts. Students were required to submit their bank details through the myNSFAS portal.

While over 211,000 students successfully verified their accounts and will receive their May allowances electronically, over 7,160 failed verification. NSFAS identified that these failures occurred because students submitted inaccurate information, primarily using bank accounts not belonging to them.

 

In terms of the data received thus far, a total of 211 591 have been verified. All students whose bank accounts were successfully verified will henceforth receive their allowances directly via their bank accounts.A total of 7160 failed the verification checks, due to updated Bank accounts that do not belong to student. 

NSFAS Urges Students to Update Banking Information

NSFAS Administrator, Mr. Freeman Nomvalo, emphasised the importance of accurate information. "Students must provide accurate details... some submit parents' accounts, causing verification problems." He urged all students to open their own accounts.

Students must provide information that is accurate so that the system can accept the information they submit ... some students submit parents' bank accounts and this creates problems in terms of verification and we urge all students to open their own bank accounts

Students who received a verification failure notification on the myNSFAS portal are encouraged to resubmit their correct banking details to avoid further delays in receiving their May allowances.

How to Update Your Banking Details on myNSFAS

  1. Log in to your myNSFAS account.
  2. Navigate to "Banking Details" under Profile Information.
  3. Review your existing bank details.
  4. Update the information if necessary, ensuring accuracy.
  5. Click "Save" or "Update" to confirm changes.

Double-checking all details before submitting is crucial to prevent delays.

NSFAS Offers Support to Students Facing Challenges

Students encountering difficulties can contact NSFAS for assistance by calling the contact centre at 080 006 7327 or emailing info [at] nsfas.org.za (info[at]nsfas[dot]org[dot]za).

It's important to double-check the accuracy of the banking details before submitting them. Incorrect details may result in delays. 

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