Do you wish to learn how to transfer money from NSFAS to a bank account? It’s it possible to do so? NSFAS stands for National Student Financial Aid Scheme. It’s a scheme set up by the South African government to help students in colleges and universities. You are here because you have gotten your NSFAS payout. Now you wish to forward it to a bank account. Is that something that can be done?
NSFAS Money Cannot be Transferred to a Bank Account?
Unfortunately, there is currently no way through which you can transfer money from your NSFAS wallet to a bank account. The good news is that since 2022, NSFAS has been disbursing money directly into student’s bank accounts. This applies for students at most Universities and TVET colleges.
The NSFASBankAccount was first launched for students in TVET colleges in 2022. The program was extended to Universities from 2023 onwards. What it means is that NSFAS money is now directly deposited into your account.
The program works with various payment platforms. These include Ezaga, Coinvest, Norraco and TeneTech, depending on where you are studying. If the program is not yet available for your institution, it means you will still get a NFAS wallet. In that case, money cannot be transferred to a bank account, but it can be withdrawn from various retailers.
Universities that use Coinvest
- Rhodes University
- Sefako Makgatho Health Science University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
Universities that use eZaga:
- Durban University Of Technology
- Tshwane University Of Technology
- University Of Free State
- University Of Limpopo
- University Of Zululand
- Vaal University Of Technology
Universities that use 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
Universities that use TeneTech Technologies
- Cape Peninsula University Of Technology
- University Of KwaZulu Natal
- University of Venda
- University of Pretoria
- University of Witwatersrand
- Walter Sisulu University
How to use NSFAS money
That’s the answer for those looking for information on how to transfer money from your NSFAS wallet to a bank account. It cannot be done. So, how do you use this money once you have gotten your payout?
The thing to note is that when you apply for NSFAS benefits, we noted above that money is now deposited deposited into a student’s bank account. Previously money was deposited into an Institution’s account onward disbursement to students.
Students now get a NSFAS bank card that they can use to transact as they would with a normal bank account. They can withdraw money from ATMS. They can also transfer this money to other bank accounts.
In this article, we focused on how to transfer money from a NSFAS account to a bank account. It was noted that NSFAS has since moved to depositing money directly into people’s accounts. This is done using services such as Ezaga and Coinvest.