Last year, the National Student Financial Aid Scheme (NSFAS) announced that funded students would no longer be receiving their monthly student allowances via third parties, as the scheme has set up a new bank account system. Which would see students receiving their allowances directly to their NSFAS bank account.
The bursary scheme revealed:
As part of the digital transformation at NSFAS, all NSFAS beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card as of the 2023 academic year.
This new payment solution was first piloted and implemented for allowance payments to students attending TVET colleges. However, as of June 2023, NSFAS began rolling out the new payment system for university students as well.
As a result, all NSFAS funded university students have been urged to register for the new NSFAS bank account in order to receive their monthly allowances.
NSFAS stressed, “We call on all of you guys to register for a #NSFASBankAccount to receive your July allowance via the account.”
The financial aid scheme partnered with four banking service providers to bring the new payment solution to students. These service providers include Tenet Technology, Coinvest Africa, Ezaga Holdings and Norraco Corporation.
In order to receive their allowances, students are required to register with a service provider based on the university they attend.
Where Students Must Register
University students can visit the NSFAS website to register according to the respective service providers.
Student attending these institutions must register according to following service providers:
Tenet Technology
- Cape Peninsula University of Technology
- University of KwaZulu-Natal
- University of Venda
- University of Pretoria
- University of Western Cape
- University of Witwatersrand
- Walter Sisulu University
eZaga
- Durban University of Technology
- Tshwane University of Technology
- University of Free State
- University of Limpopo
- University of Zululand
- Vaal University of Technology
Coinvest
- Rhodes University
- Sefako Makgatho Health Science University
- Sol Plaatjie University
- Stellenbosch University
- University of Mpumalanga
- University of South Africa
Noracco
- Central University of Technology
- Mangosuthu University of Technology
- Nelson Mandela University
- North West University
- University of Fort Hare
- University of Johannesburg
Once students have successfully registered, they will be issued with a physical and a virtual card. The bursary scheme says there are several benefits to using the new NSFAS master card.
For example, beneficiaries can access mobile banking services, which enable them to check their balances, make payments, and transfer funds.
Students will receive essential messages via SMS, email, or other platforms at different points of their transacting journeys. They will also receive third party customer rewards as part of value-added.
NSFAS has advised all students to use their allowances responsibility. They provide students with some tips to ensure they better manage their money. This includes first purchasing goods they need before things they may want.
To find out more about the NSFAS bursary, applications and the latest changes, head to our NSFAS page
