As of last year, funded students will no longer receive their monthly student allowances from third parties, as the scheme has set up a new bank account system. As a result, students will receive their allowances directly into their NSFAS bank accounts.
bursary scheme Leaked:
The NSFAS bank card will be used by all NSFAS beneficiaries at universities and TVET colleges from the 2023 academic year onwards.
The new payment solution was first piloted and implemented for TVET students’ allowances. In June 2023, NSFAS began implementing the new payment system for university students as well.
Consequently, NSFAS-funded university students are encouraged to register for an NSFAS bank account 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.”
Four banking service providers partnered with the financial aid scheme to provide the new payment solution. Service providers such as Tenet Technology, Coinvest Africa, Ezaga Holdings, and Norraco Corporation provide these services.
Students must register with a service provider associated with their university to receive their allowances.
Where Students Must Register
On the NSFAS website, students can register according to the service providers they wish to use.
These institutions require students to register with the following service providers:
Tenet Technology
- A University of technology on the Cape Peninsula
- University of KwaZulu-Natal
- University of Venda
- University of Pretoria
- University of Western Cape
- University of the 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
- University of Sefako Makgatho Health Science
- Sol Plaatjie University
- Stellenbosch University
- University of Mpumalanga
- University of South Africa
Morocco
- Central University of Technology
- The University of Technology Mangosuthu
- Nelson Mandela University
- Northwest University
- University of Fort Hare
- University of Johannesburg
A physical and a virtual card will be issued to students once they have successfully registered. There are several benefits to using the new NSFAS MasterCard, according to the bursary scheme.
Mobile banking services, for instance, allow beneficiaries to check their balances, make payments, and transfer funds.
Students will receive important messages via SMS, email, or other platforms during their transacting journeys. As part of the value-added service, they will also receive rewards from third parties.
NSFAS has advised students to make responsible use of their allowances. Students are given some tips on how to manage their money better. The first thing they need to purchase is the goods they need before they can purchase the things they desire.
Learn more about the NSFAS bursary, applications, and the latest changes on our NSFAS page
