The National Student Financial Aid Scheme (NSFAS) has begun rolling out its latest method of allowance distribution.
The NSFAS Bank Account has finally arrived for university students, and was introduced in collaboration with third-party financial service providers eZaga, Coinvest, Morocco and Tenet Technology.
The bursary scheme is encouraging students to register with the NSFAS Bank Account system, so that when allowances are distributed, the money will be deposited directly into a student's account.
This means that beneficiaries can access their funds quicker, which is especially important for those who depend on these allowances to cover their daily expenses.
Registration for an account can be done online, and needs to be completed as soon as possible, since NSFAS will be making use of the Bank Account for allowance distribution from June 2023.
Opening a NSFAS Bank Account allows students to benefit from various features that come with the account.
Beneficiaries can access mobile banking services, which enables 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.
NSFAS-funded students can also use their NSFAS bank account for saving and managing their allowance funds, which can help in ensuring that you are able to set aside funds for groceries rather than ordering from restaurants.
Another advantage of the NSFAS Bank Account is that it is a safe and secure way for beneficiaries to receive their allowances.
The account is protected by security measures such as PIN codes, One Time Pins (OTPs), and biometric authentication, which ensures that only the account holder can access the funds.
This reduces the risk of fraud, theft, or other forms of financial loss that beneficiaries may be exposed to if they receive their allowances through other means.
Students from the universities listed below will have their NSFAS bank accounts onboarded by eZaga:
- Durban University Of Technology (DUT)
- Tshwane University Of Technology
- University of Free State (UFS)
- University of Limpopo
- University of Zululand
- Vaal University of Technology
Universities to be onboarded by Tenet Technologies
- Cape Peninsula University of Technology (CPUT)
- University of Kwa Zulu Natal (UKZN)
- University of Venda
- University of Pretoria (UP)
- University of Western Cape (UWC)
- University of Witwatersrand (Wits)
- Walter Sulu University
Universities to be onboarded by Noracco
- Central University of Technology (CUT)
- Mangosuthu University of Technology
- Nelson Mandela University
- North West University (NWU)
- University of Fort Hare
- University of Johannesburg (UJ)
Universities to be onboarded by Coinvest
- Rhodes University
- Sefako Makgatho Health Science University
- Sol Plaatjie University
- University of Cape Town (UCT)
- University of Mpumalanga
- University of South Africa (Unisa)
While most beneficiaries will receive their allowances via this new method, the bursary scheme has issued a reminder that students with disabilities will still receive their money through the institutions they are enrolled in.
For more information on how to register for a NSFAS Bank Account, visit the NSFAS website.