Are you a prospective or current student pursuing higher education at a reputable university or college?
If so, the NSFAS Wallet is a crucial financial aid tool you need to know about!
Learn how this innovative system offers essential allowances for college-funded students by NSFAS, providing quick and convenient access to funds.
This comprehensive guide will walk you through the application process, spending options, and smart financial management to empower your academic journey.
What is the NSFAS Wallet?
The NSFAS Wallet is a financial assistance program offered by the National Student Financial Aid Scheme (NSFAS) to support students pursuing higher education.
It serves as a digital wallet that directly deposits allowances into the accounts of eligible college-funded students.
How it Works: Receiving Allowances
Upon successful application, students receive their allowances directly from NSFAS. These funds can be used for essential expenses like textbooks, accommodation, transport, and other academic-related costs.
The NSFAS Wallet ensures a seamless and efficient method of receiving financial support.
The NSFAS Wallet Application
The application process is very simple and straightforward, even first-time users find the process easy to follow.
When you apply, the institution(college) will determine your wallet payment in consultation with NSFAS.
You’ll receive an SMS notification welcoming you to the system and verifying your account.
You’ll then need to dial *134*176# for a password to access your wallet transactions online. You must ensure to keep your password very safe at all times.
A registered and working cellphone number will be required for depositing your funds. The system works more like the FNB eWallet whereby you’ll use your phone number to withdraw or access the money sent to you.
Finally, you’ll need to sign your NSFAS Bursary Agreement for terms and conditions if you are a new student.
If you forget the password or change the number, contact the NSFAS Centre – it can happen to anybody.
How to Spend Your Wallet
With the NSFAS Wallet, you have the freedom to manage your finances effectively. There are two main ways to utilize your allocated funds:
- Withdraw cash
- Spend at a registered store
Withdraw Cash
You could withdraw your NSFAS wallet at any of the following stores:
- Checkers
- Boxer
- U-Save
- Selected Spar stores
Each of the above-mentioned stores has a daily cash limit of R1000.
Daily Cash Limit of R1000
To ensure responsible financial management, it’s important to note that each of the approved stores has a daily cash limit of R1000 for NSFAS Wallet withdrawals. This limitation aims to safeguard your funds and discourage excessive cash withdrawals.
Withdrawing cash from your NSFAS Wallet is a straightforward process. Simply visit any of the designated stores, present your identification and NSFAS Wallet information, and specify the amount you wish to withdraw (up to the daily limit).
The funds will be dispensed to you promptly, allowing you to address your immediate financial needs without delay.
Remember, while the NSFAS Wallet offers a convenient cash withdrawal option, you also have the freedom to spend your allowance at registered stores without any limits.
This flexibility empowers you to manage your finances efficiently and make the most of your financial support during your academic journey. Whether you choose to withdraw cash or make purchases, the NSFAS Wallet is designed to empower you with financial independence and enable a successful and rewarding college experience.
Spend At A Registered Store
Here, you have no limits. You could spend your wallet balance at any merchant registered by NSFAS.
By enabling you to spend at registered stores without limitations, the NSFAS Wallet promotes financial responsibility and independence.
You have the power to make informed decisions about how to allocate your funds wisely. This empowerment cultivates essential money management skills, preparing you for future financial endeavors beyond your college years.
Balances And Transactions
Before spending anything, check your balance to avoid reckless spending and penalty fees.
Here’s how you do that:
On your cellphone:
- Dial USSD *134*176#
- Enter your password
- Select option 2. Query
- View your NSFAS wallet balance and transactions
Online
- Log in to your account
- Click more, then transactions
- View transactions
The NSFAS Wallet is a game-changer for college-funded students, providing accessible and efficient financial aid to support your educational journey. Whether you’re a new applicant or a seasoned user, this guide has equipped you with all the necessary information to make the most of your NSFAS Wallet. Embrace this opportunity to enhance your academic experience and unlock the doors to a brighter future.
Visit www.nsfas.org.za for more information.