NSFAS Allowances Banking Platform for UNISA: A Guide

The National Student Financial Aid Scheme (NSFAS) is still making changes to ensure the disbursement of student allowances is more efficient, transparent, and secure. For UNISA students, one of the most significant developments in 2024 and 2025 is the introduction of a new banking platform that has been particularly tailored for the receipt of NSFAS allowances.

What is the NSFAS Banking Platform?
The NSFAS Banking Platform is an online secure system introduced to streamline the way students are paid allowances. It replaces the conventional means in which allowances were disbursed into individual bank accounts or banks. Through this new system, allowances are disbursed more under management and within accountability, which reduces fraud and accelerates transactions.

Why is it important to UNISA Students?
UNISA, being a distance-learning institution, also has unique student support challenges. UNISA students are primarily remote learners, and having a secure, stable banking solution is key — especially to students who rely on NSFAS for learning materials, data, and sustenance.

With the new banking system:

Students have an allocated NSFAS Mastercard or virtual card.

Funding is accessible by ATM withdrawal, online purchases, or specific retailers.

There is increased security and surveillance of funds.

UNISA and NSFAS can monitor disbursements more accurately.

Registration on the Banking Platform
This is a brief guide for UNISA students to register:

Check your email or SMS: NSFAS and its banking partners (e.g., Tenet Technology or Coinvest) will send an invitation link to register.

Complete the KYC (Know Your Customer) process online – you will need your ID, proof of registration, and other details.

Get your card: Once approved, a physical or virtual card will be sent to you, depending on the configuration of the platform.

Activate and use: Once your account is live, you can begin using it to receive and manage your monthly NSFAS allowances.

What Does the Allowance Cover?
NSFAS makes a number of different allowances available, depending on a student’s circumstances and the program of study. These generally are:

Living Allowance

Learning Material Allowance

Data/Connectivity Allowance

Transport Allowance (where applicable)

Note: UNISA students are able to get adjusted amounts due to the distance-learning nature of the institution.

Common Questions and Issues
What if I haven’t received the registration link?
Make sure that your contact information is updated on your myNSFAS and UNISA portals. You can also reach out to NSFAS or the fintech partner assigned to you directly.

Can I use the card in any shop?
Yes, payments are typically accepted at high-street retailers and online retailers. Some cards can also be used to withdraw cash from ATMs.

Are there charges?
Some banking sites might charge small withdrawal or transaction fees, so it’s worth reading the T&Cs when you join up.

Final Thoughts
This banking platform is a step up regarding how NSFAS will finance students across the country. For UNISA students, it’s very helpful in remote management and protection of funds. As an NSFAS-financed UNISA student, you should be aware and make sure you’re on the new platform to avoid late payments of allowance.

Would you like me to write this article in the style of a social media platform, a blog post, or even a student newsletter?