The National Student Financial Aid Scheme has established a new payment method students can use to access their monthly allowances, in the form of a bank account, which will be used for this month’s allowances.
The National Student Financial Aid Scheme (NSFAS) has announced that students will receive their NSFAS allowances for July 2023 via their new NSFAS bank account. This follows the financial aid scheme’s call for university students to register for the new payment solution.
NSFAS said students who successfully registered with the financial service provider contracted to their university will receive their July 2023 allowances via their NSFAS bank account. Students can use their allowances using the new NSFAS MasterCard.
July 2023’s allowances were deposited on the last day of June, the 30th.
NSFAS excitedly announced that the first payment of allowances via the bank account was successful.
The scheme has stated that:
This payment of allowances will be for all students that have their registration data successfully linked and have registered for an account. Students who have not onboarded, we encourage you to do so urgently for NSFAS to pay your allowances.
These new NSFAS Mastercards and bank accounts are to ensure that beneficiaries have more control of their funds. Minister of Higher Education, Blade Nzimande, said:
To correct issues with the payment of allowances, the Scheme sought an alternative, secure and student-centred approach, which will see students receiving their allowances through a bank card.
The NSFAS bank account was introduced in collaboration with third-party financial service providers, namely eZaga, Coinvest, Morocco and Tenet Technology. NSFAS has called on its funded students to register or onboard each of the above-mention FSPs.
It is believed that these new Mastercards will provide students with access to value-added services, value for money-negotiated rates and banking freedom.
The financial aid scheme is calling on students who have not registered for their NSFAS MasterCard to register urgently. It remains unclear whether these students will be able to access their allowances if they do not register for the NSFAS MasterCard.
NSFAS provides comprehensive bursaries to eligible students enrolled in approved programmes at universities in South Africa. The NSFAS bursary will cover a student’s tuition and registration fees.
In addition to this, NSFAS will also provide students with several allowances, including an accommodation allowance, a learning material allowance and a living allowance.
Previously, these allowances were distributed to the university which would then distribute the money to students. The newly introduced NSFAS bank account allows the financial aid scheme to pay allowances directly to students.