When NSFAS Allowances Will Be Paid Into New Bank Accounts



Students will soon be able to begin transacting with their brand-new NSFAS MasterCard. This comes as the financial aid scheme revealed when they will begin paying allowances directly to students.



The National Student Financial Aid Scheme (NSFAS) will begin paying allowances directly to students in June 2023. This comes after the financial aid scheme called on students to register for their NSFAS Bank Accounts. 

NSFAS beneficiaries will receive allowances directly from NSFAS as of June 2023 through the NSFAS Bank Account. 

Students must have completed the onboarding process with the distribution partner designated to handle allowance payments for their institution to receive their allowances directly. 

Previously, NSFAS distributed allowances to students through the institutions they attend or via third-party service providers. A new payment solution was introduced in 2022 that would result in NSFAS paying allowances directly to students. 

This new payment solution was first implemented for allowance payments to students attending Technical and Vocational Education and Training (TVET) colleges. In May 2023, NSFAS began rolling out the new payment system for university students. 

Students were encouraged to register for their NSFAS Bank Account with the relevant service provider. NSFAS teamed up with four service providers to bring the new payment solution to students. 

SMSs and Emails were sent out to university students requesting them to register for their NSFAS Bank Accounts. 

Students were required to register for the NSFAS bank account with the distribution partner connected to the university they attend. 

Who Is Not Getting Their Allowances Via The NSFAS Bank Account?

NSFAS revealed that students living with disabilities will not receive their allowances via the NSFAS bank account system. These students will receive their allowances directly from their university.

Allowances for disability students will be paid through the institution

It's important to note that students attending the Cape Peninsula University of Technology (CPUT) will not receive their allowances directly from NSFAS in June 2023. The university has revealed why they will be paying allowances to students

CPUT students were paid their June 2023 NSFAS allowances from the first day of the month.

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