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How Does Coinvest Work For NSFAS Allowances

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How Does Coinvest Work For NSFAS Allowances, National Student Financial Aid Scheme (NSFAS) announced that funded students would no longer be receiving their monthly student allowances via third parties, as the scheme has set up a new bank account system.

The bursary scheme revealed:

As part of the digital transformation at NSFAS, all NSFAS beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card as of the 2023 academic year.

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The financial aid scheme partnered with four banking service providers to bring the new payment solution to students including Coinvest Africa.

NSFAS Allowances Direct Payment

This new payment solution was first piloted and implemented for allowance payments to students attending TVET colleges. However, as of June 2023, NSFAS began rolling out the new payment system for university students as well.

NSFAS warned that these university students will not be able to access their NSFAS allowances in July 2023 if they do not register with Coinvest for their NSFAS bank account.

Who should onboard with Coinvest for NSFAS?

Students at these Universities should register:

  • Rhodes University
  • Sefako Makgatho Health Science University
  • Sol Plaatjie University
  • Stellenbosch University
  • University of Mpumalanga
  • University of South Africa

How To Register With Coinvest

  1. Visit the official Coinvest Website
  2. Register an account
  3. Enter your ID number
  4. Complete your personal information
  5. Upload your Valid Personal Identification Document
  6. Prepare to take a selfie with a thumbs up close to your face in front of a light-coloured wall. Give a thumbs up and check that your face and thumb are in focus.
  7. Your account is now ready to be used.

Once students have successfully onboarded, they will receive a NSFAS Mastercard which will allow them to make money withdrawals from ATMs, selected retail stores and will also be able to make electronic transfers as with normal bank accounts.

Other Transactions With Your NSFAS Card

In addition, they will be able to make online transactions and purchases from online stores and enjoy tap-to-pay functionality.

Beneficiaries can access mobile banking services, which enable them to check their balances, make payments, and transfer funds.

They will also have complete visibility of all transactions and balances via different approved platforms namely online, mobile application and USSD. An SMS will be sent to them each time a transaction is performed.

For more information on the new NSFAS bank account system students can visit the NSFAS website at www.nsfas.org.za.

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