By By Staff Writer
Content revised on Mon, 09th Jan 2023, 20:35
Summary. This article answers the following questions:
- What is the NSFAS bank account and how does it work?
- What are the institutions with students due to receive allowances through NSFAS bank account in 2023?
The National Student Financial Aid Scheme’s (NSFAS’s) beneficiaries, at public universities and TVET colleges, will get and use their allowances through the NSFAS bank card from 2023 onward.
This is to assist with the ever-increasing number of beneficiaries, distribution of large amount of funds, as well as issues such as incorrect and duplicate payments of allowances.
Are students from my university or TVET college receiving money from the NSFAS bank account?
Launched on 18th November 2023, it is a solution that will allow NSFAS to partner with four distributing partners to directly transfer allowances to beneficiaries. These distributors are Coinvest, eZaga, Norraco, and Tenet Technology.
Below are images of the institutions that will be receiving allowances from those distributors.
How does NSFAS bank account work?
The Scheme funds an estimated number of 900,000 beneficiaries and so, not all of these students will be onboarded onto the new payment system immediately. NSFAS will pilot this solution with a set number of students first, following which the full roll-out will occur in a phased-in approach.
Below is some information on how the NSFAS bank account works:
- Download the right distributor’s mobile app. The app will further allow students to capture, validate, and update their personal details through a secured validation mechanism.
- Register for and receive a physical card for a ‘Tap to Pay’ functionality and a virtual card to pay securely at merchants. The cards will be pin enabled.
- Receive essential messages via SMS, email, or other platforms at different points of their transacting journeys. The new system will be able to restrict transactions to allowable commodities.
- Have complete visibility of all transactions and balances.
- Receive third-party customer rewards as part of value-added. The use of student data will be in line with the Protection of Personal Information Act (POPIA).
- Contact a call Centre facility to address your enqueries.
Feature image is a screenshot of a previous myNSFAS student portal’s log-in page. Other images obtained from NSFAS official Facebook page.
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