One of the challenges that NSFAS currently faces is how to efficiently disburse allowances to beneficiaries. In this regard, NSFAS has encouraged beneficiaries to register for the NSFAS Bank Account to enable the scheme to pay their allowances more efficiently and effectively.
All NSFAS beneficiaries are encouraged to register for the #NSFASBankAccount to enable NSFAS to pay their allowances, urgently visit the NSFAS website http://nsfas.org.za and social media platforms on how you can sign up online.
The NSFAS Bank Account is a bank account specifically designed for NSFAS beneficiaries. It is a zero-fee account that is offered by eZaga and is available to all NSFAS-funded students.
eZaga is a digital banking service which is one of the third-party financial service providers in partnership with NSFAS to assist with the introduction of the NSFAS MasterCard. Students can register their NSFAS Bank Account online by applying the following steps.
- Visit eZaga’s website by clicking here to download the eZaga App
- Enter your ID number and temporary password “12345”
- Enter a One Time Pin (OTP) received via your email address.
- Capture your information
- Take a clear photo of yourself holding your ID and take a clear photo of your ID only.
- Wait for an approval SMS from eZaga
- Once your account has been approved a bankcard will be distributed to your campus
By registering for and opening their NSFAS Bank Account, beneficiaries will be able to receive their allowances directly from NSFAS, without having to wait for the funds to be paid through the institutions they are studying at.
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.
In addition to the convenience of faster access to their allowances, opening a NSFAS Bank Account also allows beneficiaries to benefit from other features that come with the account.
For example, 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.
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 ensure 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. NSFAS has made it easy for beneficiaries to register for the NSFAS Bank Account.
The NSFAS Bank Account is an excellent option for NSFAS beneficiaries who want to receive their allowances quickly, safely, and securely.
