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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 #NSFASBankAccount.
The #NSFASBankAccount was introduced in 2022 for students in TVET colleges and the great news is that it has now arrived for university students.
As of July 2023, university students funded by NSFAS will receive their allowances via the #NSFASBankAccount, enabling them to receive their monies directly from NSFAS.
The account comes with enormous benefits and financial freedom for students.
- Withdrawing cash from ATMs and selected retail stores
- Making electronic transfers to as with normal bank accounts
- They will be able to make online transactions and purchases from online stores.
- The card is secure as it comes with a personalised identification number
- Beneficiaries will own a virtual card with a ‘Tap To pay’ functionality.
- Beneficiaries will have complete visibility of all transactions and balances via different approved platforms (preferably online, mobile application and USSD).
- An SMS will be sent to them each time a transaction is performed.
All university students whose NSFAS funding for the 2023 academic year has been approved are urged to register for a NSFAS bank account to receive their allowances and have a smooth academic journey.
Visit www.nsfas.org.za for more information on how to register for an account.
This post and content is sponsored, written and produced by NSFAS.
