Delays in allowance payments have been a long-standing problem for NSFAS’s funding model. Direct payments are being adopted by the scheme for several reasons, according to its CEO.
University Students Will Soon Switch To Nsfas Bank Account
The National Student Financial Aid Scheme (NSFAS) has had to modify its disbursement model to avoid delays in paying out allowances to over 900 000 funded tertiary students across the country. To enable direct payment of NSFAS allowances to students, the bursary scheme introduced the NSFAS Bank Account. Prior to this, NSFAS allowance payments were made through tertiary institutions, resulting in payment delays due to different disbursement dates among institutions.
Additionally, the scheme’s CEO, Andile Nongogo, explained that the decision is part of its efforts to ensure that students are paid on time. A NSFAS Bank Account is a bank account designed specifically for beneficiaries of NSFAS. All NSFAS-funded students can use their NSFAS MasterCard to access this zero-fee account provided by eZaga.
NSFAS partnered with Coinvest, eZaga, Norraco, and Tenet Technology to establish this disbursement method. After activating their NSFAS MasterCards, students can onboard their myNSFAS to their NSFAS MasterCard.
