Which Bank Does NSFAS Use?
Which Bank Does NSFAS Use?: Where To Get NSFAS Mastercard
The National Student Financial Aid Scheme (NSFAS) is an important program in South Africa that offers financial help to students from underprivileged backgrounds who need assistance to pursue higher education. A frequently asked question by recipients and applicants of NSFAS is which bank handles the distribution of funds.
This article aims to examine the banking partners of NSFAS and provide information on how funds are received from the program. Where To Get NSFAS Mastercard
SEE ALSO: Does NSFAS Pay Into Your Bank Account?
Which Banks Does NSFAS Use?
NSFAS has partnered with several prominent banks in South Africa to facilitate the distribution of funds to eligible students. As of June 2023, NSFAS-funded university students and TVET Colleges will get their allowances through the NSFASBankAccount, allowing them to receive funds directly from NSFAS. To efficiently distribute funds to eligible students, NSFAS has established partnerships with leading banks in South Africa, therefore, NSFAS students will be able to receive their stipend and conduct transactions using their new NSFAS bank account in the future.
The NSFAS Bank Account is a bank account developed exclusively for NSFAS beneficiaries. It is a free account provided by eZaga that is available to all NSFAS-funded students. Beneficiaries will be able to receive their allowances directly from NSFAS by registering for and creating an NSFAS Bank Account, rather than having to wait for their funds to be sent through the institutions where they are studying. NSFAS funds distributing partners include:
- Tenet Technology
NSFAS Banks Used To Distribute Funds According to Institutions
The NSFAS bank account you sign up with depends on the institution you are attending, TVET Colleges or University. Below are the banks and their designated institutions;
Institutions to be onboarded by Coinvest:
- Rhodes University
- Sefako Makgatho Health Science University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
Institutions to be onboarded by eZaga:
- Durban University Of Technology
- Tshwane University Of Technology
- University Of Free State
- University Of Limpopo
- University Of Zululand
- Vaal University Of Technology
*Institutions to be onboarded by Norraco:
- Central University Of Technology
- Mangosuthu University Of Technology
- Nelson Mandela University
- North-West University
- University Of Fort Hare
- University Of Johannesburg
- University Of Western Cape
Institutions to be onboarded by TeneTech Technologies:
- Cape Peninsula University Of Technology
- University Of KwaZulu Natal
- University of Venda
- University of Pretoria
- University of Witwatersrand
- Walter Sisulu University.
READ MORE: MyNSFAS Status Check 2024-2025
NSFAS Bank Partners
The following financial institutions are essential in distributing the financial operations related to student assistance disbursement;
- FNB (First National Bank):
FNB is one of NSFAS’s primary banking partners. Students may now access their monies through FNB accounts, allowing for simple transactions and financial monitoring.
Absa, formerly known as Barclays Africa Group, is a member of the NSFAS banking network. Absa is a bank that students may use to manage their NSFAS funds.
- Standard Bank
Standard Bank is also one of the banks involved in NSFAS. Students who are eligible for financial help may be able to link their NSFAS accounts to Standard Bank for streamlined financial transactions.
NSFAS Contact Information
- Website: www.nsfas.org.za
- Email: firstname.lastname@example.org
- South African students: 0860 067 327
- International students: +27 21 763 3232
- Physical Address: 10 Brodie Road, Wynberg, Cape Town, South Africa, 7700
- Postal Address: Private Bag X1, Plumstead, Cape Town, Western Cape, South Africa, 7801.
NSFAS’s association with prominent banks ensures that eligible students have access to efficient and dependable financial services. As NSFAS continues to play an important role in promoting educational accessibility, keeping up-to-date on its banking partnerships guarantees a seamless and simplified procedure for students managing their financial assistance. Visit NSFAS’s Official website here for more information. Hope the provided information is helpful, kindly leave a comment below in the comment section.