The National Student Financial Aid Scheme has established a new payment method for students to access their monthly NSFAS allowances in the form of a bank account, which will be used for this month’s allowances, as part of the National Student Financial Aid Scheme.
Students will receive their NSFAS allowances for July 2023 through their new NSFAS bank account, according to the National Student Financial Aid Scheme (NSFAS). This comes after the financial aid scheme encouraged university students to sign up for the new payment method.
According to NSFAS, students who successfully registered with the financial service provider contracted to their university will receive their allowances in July 2023 through their NSFAS bank account. Students can use the new NSFAS MasterCard to spend their allowances.
The allowances for July 2023 were deposited on June 30th, the last day of the month.
The first payment of allowances via bank account was successful, according to NSFAS.
According to the NFSAS scheme:NSFAS Allowances
This payment of allowances will be made to all students who have successfully linked their registration data and registered for an account. Students who have not yet enrolled should do so as soon as possible so that NSFAS can pay your allowances.
Beneficiaries will have more control over their funds thanks to the new NSFAS Mastercards and bank accounts. Blade Nzimande, Minister of Higher Education, stated:
To address issues with allowance payment, the Scheme sought an alternative, secure, and student-centered approach in which students would receive their allowances via bank card.
The NSFAS bank account was launched in collaboration with third-party financial service providers, specifically eZaga, Coinvest, Morocco, and Tenet Technology. NSFAS has encouraged its funded students to register with or join each of the aforementioned FSPs.
NSFAS offers comprehensive bursaries to eligible students enrolled in approved programs at South African universities. A student’s tuition and registration fees will be covered by the NSFAS bursary.
In addition, NSFAS will provide students with a variety of allowances, including a housing allowance, a learning material allowance, and a living allowance.
Previously, these allowances were given to the university, which then gave the money to the students. The newly introduced NSFAS bank account enables the financial aid scheme to directly pay allowances to students.
Want to know more about NFSAS? Click here.
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