A significant digital transformation is underway at the National Student Financial Aid Scheme (NSFAS). With the aim of enhancing accessibility, security, and efficiency, NSFAS has introduced a new banking system to better manage the disbursement of allowances to beneficiaries. Starting from the 2023 academic year, all NSFAS beneficiaries at universities and Technical and Vocational Education and Training (TVET) colleges will begin receiving and transacting their allowances through the newly introduced NSFAS bank card.
Expansion of the NSFAS Bank Account
The NSFAS bank account system, which debuted in 2022 for students in TVET colleges, has now been extended to university students as of June 2023. The expansion of this program marks the first time that NSFAS has been able to simultaneously disburse tuition funding and allowances to over a million students. This system is aimed at ensuring seamless and secure delivery of allowances to the rapidly increasing number of beneficiaries.
How to Onboard
The onboarding process for university students varies based on the institution. Specific universities will be onboarded by different partners: Coinvest, eZaga, Norraco, and TeneTech Technologies. Students from the universities listed under these partners can register through their respective links.
Direct payment onboarding For University students
Institutions to be onboarded by Coinvest:
- Rhodes University
- Sefako Makgatho Health Science University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
Registration Link: https://nsfas.coinvest.africa/
Institutions to be onboarded by eZaga:
- Durban University of Technology
- Tshwane University of Technology
- University of Free State
- University of Limpopo
- University of Zululand
- Vaal University of Technology
Registration Link: https://www.ezagaportal.online/nsfas/
Institutions to be onboarded by Norraco:
- Central University Of Technology
- Mangosuthu University Of Technology
- Nelson Mandela University
- North West University
- University Of Fort Hare
- University Of Johannesburg
- University Of Western Cape
Registration Link: https://transact.norraco.co.za/
Institutions to be onboarded by TeneTech Technologies:
- Cape Peninsula University Of Technology
- University Of KwaZulu Natal
- University of Venda
- University of Pretoria
- University of Witwatersrand
- Walter Sisulu University
Registration Link: http://tenetech.co.za/sign-up
Benefits of the NSFAS Bank Account
The NSFAS bank account offers various benefits to students, providing them with the financial freedom to manage their allowances effectively. Upon registration, beneficiaries receive either a virtual or physical card which allows them to:
- Withdraw cash from ATMs and selected retail stores.
- Make electronic transfers as with regular bank accounts.
- Execute online transactions and make purchases from online stores.
- Download their respective partner’s mobile app to perform EFT transactions.
- Utilize a virtual card with ‘Tap to Pay’ functionality.
- Maintain complete visibility of all transactions and balances via approved platforms (online, mobile applications, and USSD).
An SMS notification will be sent to the beneficiaries for every transaction made, providing them with timely updates on their account activities.
Ensuring a Safe and Pleasant Student Experience
In order to guarantee a secure and user-friendly experience, NSFAS has implemented various precautionary measures:
- The system restricts transactions to allowable commodities.
- Both a physical and a virtual card will be issued to students.
- Student data usage will comply with the Protection of Personal Information Act (POPIA).
- The solution meets all financial sector regulatory standards, including the ability to stop payments, and block/unblock and flag accounts in cases of fraud or death.
- There will be a dedicated call centre and various query resolution mechanisms to support students nationwide.
- Essential messages will be delivered to students via SMS, email, or other platforms at different points of their transaction journeys.
The NSFAS bank account is not just a means for students to receive and manage their allowances; it is also a tool to teach them financial responsibility. By providing direct access to funds, NSFAS is empowering students to take control of their financial well-being while they pursue their educational goals.