NSFAS Bank Accounts - Students to receive Bank Cards

NSFAS Students to receive Bank Cards

NSFAS students will receive allowances on their Mastercard, from 2023

Due to a new digital transformation, NSFAS (National Student Financial Aid Scheme) is allowing all its beneficiaries at university and TVET colleges to receive their allowances and make transactions through NSFAS bank cards in 2023 (as of 30 June 2023).

Students will be able to avoid challenges they faced with NSFAS’ current payment method. NSFAS will now also be able to cater appropriately for the increased number of beneficiaries and funds needing distribution.

To date, the number of NSFAS funded students is estimated to be 900 000. It’s important to note that not all these students will be boarded onto the new payment system right away, as NSFAS aims to cater to a set number of students first. Thereafter, the full roll-out will occur in a well planned and phased approach.

NSFAS distributing partners include:

Coinvest
eZaga
Norraco
Tenet Technology

Going forward, NSFAS students will have the opportunity to receive their allowance and make transactions through their new NSFAS bank account.

What are the benefits for students?

Access to value-added services
Complete value for money-negotiated rates
Freedom with banking
The ability to make online purchases and transactions
The opportunity to download any of the allocated partner’s mobile apps and complete EFT transactions
Access to ‘Tap to Pay’ functions and a virtual card to make secure payments
Mobile SMSes each time a transaction is made via your account
Access to a unique PIN enabled card, leading to lack of fraudulent activity
Complete control over your finances
The opportunity to learn financial responsibility

To ensure that students have the best experience with this new payment method, NSFAS has ensured that the correct precautionary measures have been taken, and that the system is easy and effective.

Which bank account should I use?

The NSFAS bank account you sign up with depends on the institution you are attending.
Students at the following institutions will be onboarded by Tenetech Technologies:

Cape Peninsula University of Technology (CPUT)
University of KwaZulu-Natal (UKZN)
University of Pretoria (UP)
University of the Witwatersrand (Wits)
University of Venda (Univen)
Walter Sisulu University (WSU)

Students at the following institutions will be onboarded by eZaga:

Durban University of Technology (DUT)
Tshwane University of Technology (TUT)
University of Limpopo (UL)
University of the Free State (UFS)
University of Zululand (UNIZULU)
Vaal University of Technology (VUT)

Students at the following institutions will be onboarded by Coinvest:

Rhodes University (RU)
Sefako Makgatho Health Science University (SMU)
Stellenbosch University (SU)
University of Cape Town (UCT)
University of Mpumalanga (UMP)
University of South Africa (UNISA)

Students at the following institutions will be onboarded by Norraco:

Central University of Technology (CUT)
Mangosuthu University Of Technology (MUT)
Nelson Mandela University (NMU)
North West University (NWU)
University of Fort Hare (UFH)
University of Johannesburg (UJ)
University of Western Cape (UWC)

How do I sign up for a NSFAS Bank account?

First, you can select any of the above approved distributing partners, and then follow the steps below:

Apply for a NSFAS Coinvest Account:
Visit the Coinvest NSFAS sign up page
First time users will then sign up here with their ID number and follow the prompts
Current users can login with their username and password
Contact support on: 080 001 4551

Apply for a NSFAS eZaga Account:
Visit the eZaga NSFAS register page
First time users will then sign up here with their ID number and follow the prompts
Current users can login with their username and password
Contact support on: 086 999 0927

Apply for a NSFAS Norraco Account:
Visit the Norraco website and select the “NSFAS” tab
Email support on: info@norraco.co.za

Apply for a NSFAS Tenet Technology Account:
Visit the Tenet Technology NSFAS register page
First time users will then sign up here with their ID number and follow the prompts
Current users can login with their username and password
Contact support on: 0800 873 287

How does the NSFAS Mastercard work?

Firstly, students will be given a physical and a virtual card.
The new payment system will then have the power to restrict transactions to allowable commodities.
Students will also receive third party customer rewards as part of NSFAS’ value-add.
NSFAS will use the student’s data in accordance with the Protection of Personal Information Act (POPIA).
Students will also be provided with a call centre facility and various query resolution mechanisms for global support. This new solution will allow students to capture, validate, and update any of their personal details through a unique and secure validation system.
This solution created by NSFAS meets all the necessary financial sector regulatory standards and is able to stop payments, flag accounts, and block/ unblock accounts, leading to further security against fraud (these regulatory systems will also aid students in unfortunate cases of death).
Students will also receive important messages via SMS, email or any other electronic platform at various parts of their transaction journeys. In doing this, NSFAS will provide the students with complete visibility of any transaction and balances made on their accounts.

How will I receive my NSFAS allowance?

Before students can receive their NSFAS allowances, they must complete the onboarding process, by following these steps:

Visit the NSFAS Mastercard page
Fill in your details and await for an SMS with a registration link
Click on the provided link
Fill in your ID number
Fill in your email address
Choose a security question and provide your answer to the question (this is a question that only you will know the answer to, which will be used if you request a password reset)
Upload a clear photo of your ID document
Upload a clear photo of your ID document held underneath your chin
Await for an SMS approval with your account number
Collect your NSFAS bank card at your campus and activate your card

What does the NSFAS allowance cover?

NSFAS Students will receive a monthly allowance towards any of the following:

Food
Transport
Various living expenses

Check your NSFAS Allowances for 2023 here.

Safety Tips and recommendations for NSFAS students

As this being a major change for students, a secure plan has been put in place to help them prepare for this financial journey. NSFAS recommends the following safety tips for students with a Mastercard:

Imagine your card is cash: don’t lend it to anyone and always keep it in sight
Do not share your PIN with anyone, do not write it down, and do not carry it on you
Do not share any personal information when you are using your card, specifically your PIN
Watch your card when you are doing transactions and ensure that it is returned to you after every purchase
Keep and check all your receipts (ensure that they are correct)
Ensure that your monthly bank statement is correct and that you have been charged the correct amount

For queries, contact NSFAS:
Call: 080 006 7327 (this is a toll free number)
Email: info@nsfas.org.za

Read our other tips and articles here:
Read our top tips on submitting your bursary application for the best chance of success.
Read our tips on how to write a bursary motivational letter here.
Read about how to prepare for a bursary interview here here.
Read about the various ways to get free education in South Africa.
Read about the National Benchmark Test (NBT) for University Entrance.

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This post was last updated in July 2023.
SA Bursaries wishes you the best of luck with your application! Please remember to SHARE this page with anyone you know who may be in need of bursary funding.