If you are registered with NSFAS for funding during the 2024 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 2024, 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!
