For the 2023 academic year, the National Student Financial Aid Scheme introduced the NSFAS Bank account to facilitate the direct payment of student allowances.
However, what is not often discussed is how the account is specifically tailored for NSFAS-funded students, which is evident in its long list of benefits.
The most notable of them is that students will only incur a monthly bank charge of R12 for transacting using their NSFAS Master Card. The bursary scheme also takes pride in the fact that the accounts have security features to ensure that benefiting students do not fall victim to incidents of fraud.
Beneficiaries can access mobile banking services, which enable them to check their balances, make payments, and transfer funds. This is particularly useful for those who may not have easy access to physical bank branches or may have difficulty travelling to access their funds.
Additionally, students will own a virtual card with a ‘Tap to Pay’ functionality. They will also have complete visibility of all transactions and balances via different approved platforms namely online, mobile application and USSD. An SMS will be sent to them each time a transaction is performed.
NSFAS has also reiterated that in order to access this student-centred funding approach of allowance payments, students must complete the direct payment onboarding process.
NSFAS will also communicate this message to students via SMS and e-mail requesting them to register their NSFAS account. It will be accompanied by a URL link for them to click on in order to start the process.
Through a secure validation process, the system will enable students to input, verify, and update their personal information. The system enables NSFAS to stop payments, suspend or unblock accounts, and flag them in situations involving suspect fraud etc.
Beneficiaries can visit the NSFAS website for any additional information relating to the NSFAS Bank Account system.
