What you need to know about the NSFAS bank account rolling out to university students

National Student Financial Aid Scheme (NSFAS) university beneficiaries will soon benefit from having a bank account from the scheme.

NSFAS revealed it will start paying allowances directly to students starting in July.

“NSFAS has confirmed funding for over 1-million students for the 2023 academic year. This is the first time the scheme will get to simultaneously disburse funding for tuition and allowances to such a large number of students. 

“NSFAS has devised a system to cater for the ever-increasing number of beneficiaries, and to ensure that they receive allowances in a seamless and secure way through the new bank account,” said the financial aid scheme.

The bank account was introduced in 2022 for students in TVET colleges and will now roll out to university students.

How do I activate the NSFAS Mastercard?

• Download the Tenetech NSFAS app.
• Register your student number.
• Fill out and complete your personal details.
• Upload a photo of your SA ID for verification.
• Upload a selfie while holding your SA ID.
• A bank account number will be assigned to your student number.
• A bank card will be delivered to you at your college or university.

What are the benefits?

The account comes with benefits and financial freedom for students. After registering, beneficiaries will receive a virtual or physical card which will allow them to:

• withdraw cash from ATMs and selected retail stores;
• make electronic transfers, as with normal bank accounts;
• make online transactions and purchases from online stores;
• secure the card with a personalised identification number;
• own a virtual card with a ‘tap to pay’ functionality;
• complete visibility of all transactions and balances via different approved platforms; (preferably online, mobile application and USSD); and
• receive an SMS after each transaction.

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