How to Sign Up for a NSFAS Bank Account
NSFAS CEO Mr Andile Nongogo officially introduces the new allowance payment system for NSFAS beneficiaries which will see them get paid through a NSFAS bank account . All NSFAS beneficiaries encouraged to read below for more information on how to sign up for a NSFAS bank account.
The new payment system is secure and will protect beneficiaries from the increasing number of fraudulent activities that result in allowances not reaching the intended recipients. With the current payment system, students are at times confined to certain transactions and purchases; the new system will give them financial freedom, such as withdrawals at ATMs and retails store tills as well as access to virtual transactions.
The new system will eliminate the middle man and enable NSFAS to take accountability in cases where payments are not made to beneficiaries on time.
Benefits to the students
How will students benefit from this new direct payment solution?
- 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.
To guarantee a pleasant student experience and that student allowances are used for what they are intended for, NSFAS took precautionary measures, and the system will be secure and easy to use.
- Students will be issued with a physical and a virtual card.
- The new system will be able to restrict transactions to allowable commodities.
- Students will receive third party customer rewards as part of value-added.
- The use of student data will be in line with the Protection of Personal Information Act (POPIA).
- There will be a call Centre facility and several query resolution mechanisms to support students nationally, anywhere in the country.
- The solution will allow students to capture, validate and update their personal details through a secure validation mechanism.
- The solution meets all financial sector regulatory standards and can stop payments, and block/unblock and flag accounts in cases of fraud, death, etc.
- Students will receive essential messages via SMS, email or other platforms at different points of their transacting journeys.
- Students will have complete visibility of all transactions and balances.
NSFAS funded students receive monthly allowances towards either:
- Food
- Transport
- Other living expenses;
The new solution will help students manage their finances suitably and teach them financial responsibility.
