NSFAS Bank Account

NSFAS Bank Account. As part of the digital transformation at the National Student Financial Aid Scheme (NSFAS), all NSFAS beneficiaries at Universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card as of the 2024 academic year.

NSFAS Funds Disbursement Partners

Management of NSFAS has teamed up with some great technology firms to help disburse funds to beneficiaries NSFAS Wallets whiles adhering to top security measures. Some of these companies are;

1. CoInvest Ltd.
2. Zaga
3. Noracco
4. Tennet Technologies

Reasons for the New NSFAS Payment Solution

This new NSFAS payment solution will alleviate challenges experienced through the current allowance payment method as well as appropriately cater for the ever-increasing number of beneficiaries and large amount of funds to be disbursed.

Benefits of the New NSFAS Direct Payment

• Students will be issued with a physical and a virtual card.
• The new system will be able to restrict transactions to allowable commodities
• Students will have complete visibility of all transactions and balances.
• Access to value-added services.
• Value for money-negotiated rates.
• Banking freedom.
• Make online transactions and purchases.
• Download the allocated partner’s mobile app and perform EFT transactions.
• Tap to Pay functionality and virtual card to pay securely at merchants.
• Receive an sms each time a transaction is carried out via their account.
• The card will be pin enabled which will make it difficult for non-owners to use it fraudulently.
• All these will afford beneficiaries control over their finances and teach them financial responsibility.

Read Also: Intellimali Student Portal

Requirements to receive your allowances on NSFAS Bank Account

As a NSFAS beneficiary, you will need the following to receive your NSFAS allowances on the new NSFAS Bank account platform;

1. A Virtual and Physical NSFAS Bank Card
2. Your own phone and valid SIM card
3. You must sign your NSFAS Bursary Agreement if you are a new student to NSFAS
4. No need to withdraw cash to pay your landlord or any registered merchant

Read Also: How to Check NSFAS Status Online

How to Register for the New NSFAS Bank Account

No action will be required by the NSFAS beneficiaries to use the new NSFAS bank account. The team will automatically migrate you to this system. The migration process will take place in batches until the migration process is completed successfully.