Nsfas Bank Account 2024

About Nsfas Bank Account

All NSFAS beneficiaries at universities and TVET colleges will begin receiving their allowances and conducting transactions through the NSFAS bank card as part of NSFAS’s digital transformation starting in the 2023 academic year.

Nsfas Bank Account Aim

The Nsfas banking account aims to solve:

The difficulties associated with the current allowance payment technique will be resolved by this new payment method, which will also properly account for the considerable amount of money that needs to be distributed and the continuously growing number of recipients.

Nsfas Banking Account

With the estimated number of NSFAS-funded students at 900,000, not all these students will be granted onto the new payment system ( Nsfas Banking Account) immediately, the scheme will pilot this solution with a set number of students first, following which the full roll-out will occur in a phased-in approach. In the end, all NSFAS funded students should receive their allowances and transact through the NSFAS Bank Account.

Nsfas Bank Account Benefit to Students

How would this new direct payment method benefit students?

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 fraudulently.
All these will afford beneficiaries control over their finances and teach them financial responsibility.

FOR NSFAS ONLINE APPLICATION CLICK HERE