Johannesburg – The National Student Financial Aid Scheme (NSFAS) has revealed that over 7 000 TVET students have banking details that do not belong to them.
Ahead of the May 2024 TVET student allowance payment run, NSFAS on Friday said: “7 160 failed the verification checks, due to updated Bank accounts that do not belong to students”.
NSFAS said 211 591 have been verified.
“All students whose bank accounts were successfully verified will henceforth receive their allowances directly via their bank accounts,” the student financial aid scheme said.
Students who have received notification through the myNSFAS portal indicating that the verification of their details has failed were urged to re-submit the correct banking details.
NSAFAS said by re-submitting the correct banking details on the myNSFAS portal affected students would avoid further delays in the payment of their allowances.
The banking details provided must belong to the student to enable NSFAS to verify these against the student’s details on our record.
To update their banking details, students ought to follow these steps:
- 1. Log in to your myNSFAS using your username and password.
- 2. Once logged in, navigate to the “Banking Details” under the Profile Information.
- 3. Review the existing banking details provided by entering the account number, bank name, branch name, and account type.
- 4. If required, update the correct banking details, ensuring that all the information provided is accurate.
- 5. Once the update is complete, click on the “Save” or “Update” button to save changes.
“It is important to double-check the accuracy of the banking details before submitting them. Incorrect details may result in delays,” NSFAS advised.
“Please note that the processing time for updating banking details may vary depending on the financial institution.
“It is advisable to allow sufficient time for the changes to be reflected in the system.”
If you encounter any issues or require further assistance, please do not hesitate to contact the NSFAS Contact Centre on 080 006 7327 or send an email to info@nsfas.org.za
