The NSFAS Allowances for July will be paid to the NSFAS Bank Account

NSFAS recently confirmed that more than 1 million qualifying tertiary students are eligible for student funding. For the current academic year, a more direct funding disbursement model has been implemented.

Introduction

Students funded by NSFAS will receive their monthly allowances directly into their newly launched NSFAS Bank Account, a bank account specifically designed for NSFAS-funded students.

NSFAS Bank accounts will begin in July 2022, when students will receive their allowances through their NSFAS Mastercards. Students funded by NSFAS are encouraged to register for the NSFAS Bank account through its distributing partners, including Coinvest, eZaga, Morocco and Tenet Technology.

“We call on all of you guys to register for a #NSFASBankAccount to receive your July allowance via the account.”

Additionally, upon receiving their NSFAS Mastercard, students will need to activate it using the following steps:

How to activate NSFAS Mastercard

1. The SMS will contain a download link for the Smartphone App.
2. Tenetech Student App can be downloaded here. 
3. Your student number needs to be registered. 
4. Complete the personal information form.
5. Please upload a photo of your SA ID to verify that it is you.
6. You can further verify your identity by uploading a selfie while holding your SA ID.
7. Your student number will be assigned a bank account number.
8. You will receive a bank card at your college or university

In addition to simplifying the NSFAS Bank account onboarding process, NSFAS has also published a list of which universities will register their accounts with these distributing partners. TVET colleges have been treated similarly.

NSFAS Bank Account Will Benefit Students

As well as the convenience of faster access to allowances, opening an NSFAS Bank Account allows students to take advantage of other benefits. 

Beneficiaries can use mobile banking services to check their balances, make payments, and transfer funds, for example. 

Conclusion

It is particularly useful for those who may not have easy access to physical bank branches or may have difficulty traveling. Additionally, students will have complete visibility of all transactions and balances via different approved platforms, including online, mobile, and USSD.