Which Bank Does NSFAS Use?

Which Bank Does NSFAS Use?

There’s a good possibility that you’ve heard about NSFAS (National Student Financial Aid Scheme) if you’re a South African student looking for financial help. The NSFAS is essential in assisting students who want to pursue higher education. South Africa’s National Student Aid Scheme (NSFAS) collaborates with or uses banks to distribute financial assistance funds to qualified students. This implies that the amount of your financial help is directly put into your own bank account. You must make sure that your bank account is open and that NSFAS has the most recent version of your financial information. Discover the bank used by NSFAS for funding disbursements by reading on.

READ: Do You Have To Pay NSFAS Back 2024/2025?

Which Bank Does NSFAS Use?

NSFAS uses First National Bank (FNB) to disburse allowances to all beneficiaries, For Universities and TVET Colleges. First National Bank (FNB), one of South Africa’s main banks, and NSFAS have a long-standing relationship. For the purpose of expediting student financial assistance payments, NSFAS maintains a strong collaboration with First National Bank (FNB).

One of the top banks in South Africa, FNB is renowned for its accessibility and broad range of financial services. This collaboration seeks to speed up the financial assistance procedure and guarantee that students may readily access their money to pay for necessary educational costs. Therefore, by connecting your NSFAS Wallet to a FNB account, beneficiaries will be able to collect their allowances.

READ: How Much Is Pocket Money For NSFAS?

First National Bank (FNB) Benefits To NSFAS Recipients

The account offers students a wealth of advantages and financial independence. Beneficiaries will obtain a virtual or real card after signing up for a #NSFASBankAccount, which will enable them to take advantage of benefits like:

Withdrawing cash from ATMs and selected retail stores.
Making electronic transfers 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.
Download the allocated partner’s mobile app and perform EFT transactions.
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. We still urge all university students whose NSFAS funding for the 2023 academic year has been approved to register for an NSFAS bank account to receive their allowances and have a smooth academic journey.
SMSes and Emails were sent out to university students requesting them to register for their NSFAS Bank Accounts. Click on the link in the messages and register now to avoid delays with receiving your allowance.

READ: Do We Pay Back NSFAS?

Contact NSFAS

NSFAS Virtual Contact Centre

We are available to assist through the following channels: