If you are registered with NSFAS for funding during the 2023 academic year and beyond, you will need to begin the process of migrating from your existing wallet payment disbursement method to the new NSFAS bank account options. One of these is the Tenet NSFAS account. We are here today to explain all the account basics and answer some common questions about the system. Remember that it is a very new introduction from NSFAS, only going fully live in 2023, and so there will be some teething problems at the beginning- but not with us to help!
What Is Tenet NSFAS?
As part of NSFAS’s digital migration, students receiving NSFAS funding will now be required to have an NSFAS bank account. This allows them to receive their allowances quickly, without the need for their educational institutions to act as middlemen and will replace the existing wallet system due to the massive number of students that NSFAS now funds; the NSFAS bank accounts have been created with several approved financial partners to create a bigger, better, and future-forward system. TeneTechnology, or Tenet, is one of these, alongside Coinvest, eZaga, and Noracco. Which system you should register with depends on the institution at which you are registered, so be sure to check the NSFAS website to see which partner your institution is allied with.
The new NSFAS bank account system was first partially rolled out in 2022 among TVET students but is now open to university students as well and has become a mandatory NSFAS requirement, as you can no longer use their old wallet system. Underwritten by Nedbank and in partnership with Mastercard, each NSFAS bank account option is safe, secure, and transacts exactly like modern digital banks, although each provider has their own unique perks to offer you, too, like Coinvet’s WhatsApp payments and eZaga’s USSD-based cashless voucher system. Now let’s explore Tenet NSFAS accounts further.
How Do I Register For Tenet NSFAS?
You will start by heading to the Tenet website and opening an NSFAS Tenet bank account. You will receive an SMS with the link to download the relevant Tenet NSFAS app to your smartphone. From there, you will register with Tenet using your student number with your institution. Make sure that your NSFAS portal is also set to disburse funds through the NSFAS bank account initiative, and take the time to check your contact details are all still correct, as they are critical to receiving your NSFAS allowance on time and without hassle.
From here, you will fill in personal details as prompted by the Tenet app and in order to comply with FICA in South Africa. You may also be asked to provide them with key supporting documents like your ID. Tenet is also using biometrics to further secure your bank account, but don’t let this worry you. The app will walk you through the process of uploading a photo and verifying your identity. Initially, they also ask for an extra photo of you holding your South African ID, which is freshly taken- this is a very similar process to that used by Capitec and even SARS, so you should be familiar with it. You will then be assigned a bank account number. They will also deliver a Tnet NSFAS bank card to you on your campus. As with standard banking products, this will have a PIN associated with it which you should keep safe and secure.
How Do I Withdraw Money From Tenet NSFAS?
You can withdraw your NSFAS allowance from your Tenet NSFAS card exactly as you would with any other Mastercard. You can use an ATM (Nedbank is the preferred ATM, using others may attract Saswitch fees), or access a digital e-Wallet through the Tenet Student app. You can receive EFTs and payments from parents and loved ones, too. You should still be able to do cash withdrawals at selected retailers like Boxer, uSave, and Pick ‘n Pay as well. Additionally, you will be able to use your card and bank account to make online payments, similar to every other banking app.
Tenet NSFAS Requirements
There are no specific requirements to open a Tnet NSFAS account other than being an NSFAS registered and approved student. However, you can only use the Tenet NSFAS account if your institution is on the TeneTechnology list with NSFAS, so make sure to triple-check which financial partner is handling NSFAS students at the institution you are registered with. This currently includes the following tertiary education institutions:
- Cape Peninsula University of Technology
- University of KwaZulu-Natal
- University of Venda
- University of Pretoria
- University of Western Cape
- University of Witwatersrand
- Walter Sisulu University
If you have any doubt as to which service provider you are meant to be using, get in touch with NSFAS themselves to confirm. We hope you enjoy this new and improved disbursement system!
NSFAS Motivational Appeal Letter Samples
Improve your chances of getting financial aid by writing a persuasive NSFAS motivational appeal letter. NSFAS Motivational Appeal Letter Samples
How Much Does the NSFAS Pay for Tuition?
How much does the NSFAS Pay for Tuition?. The NSFAS covers all tuition costs for approved students as well as an additional allowances
What Does NSFAS Exceeded N+ Rule Enrollment Means?
In this article, we will be looking at one of such reasons: the ‘NSFAS Exceeded N+ Rule Enrollment.’
What Are The Benefits Of NSFAS Mastercard?
The scheme announced plans to introduce a Mastercard system to facilitate direct payments of allowances to bursary beneficiaries.
How Do You Know NSFAS Has Approved My Application?
How do you know NSFAS has approved my application? This is probably the most common question asked among thousands of NSFAS-funding hopefuls
Reasons Why NSFAS Will Stop Funding a Student
The purpose of this article, to explain and list some reasons why NSFAS will stop funding a student.
What Happens If You Don’t Pay NSFAS?
This article will answer all your questions. We will also take a look at What Happens If You Don't Pay NSFAS
NSFAS Portal Login: How to Create And Login
So let me help you to open an account at the NSFAS portal. Follow these steps for how to create NSFAS Portal Account.
What Documents Are Needed For NSFAS Appeal?
What Documents Are Needed For NSFAS Appeal? Here’s what you need to know about NSFAS appeals and the required documents.
Will NSFAS Fund Me If I Fail My Modules?
We will look at passing if NSFAS will fund me if I fail all my modeules, what happens if you fail all your modules and many other related topics.
Why Is It Important to Pay Back NSFAS Loan?
Like any loan, not paying NSFAS has ramifications. Most of those ramifications will revolve around your financial prospects but could even affect your job
How Much Must you Earn to Qualify for NSFAS?
While reading this article, you will notice that we have answered some of your burning questions regarding How Much Must you Earn to Qualify for NSFAS?