How to Withdraw Money From NSFAS Wallet

By Klnam Kurt •  Updated: 03/17/24 •  4 min read

 Knowing how to withdraw money from the NSFAS Wallet is thus necessary for anyone who desires to access allowances and utilize them for specified reasons. In this article, we will focus on describing what is involved in the withdrawal process and every other thing that one has to know.

- ADVERTISEMENT -

How to Withdraw Money from NSFAS Wallet

To access those allowances, beneficiaries typically have to create cash vouchers, otherwise known as NSFAS eWallet vouchers, for subsequent cash withdrawals at designated merchants and store locations. 

Creating cash vouchers consists of a series of steps that can be performed either in the NSFAS’ USSD channel or its web platform.

To create vouchers through the USSD method, one is required to take the following steps:

One creates the cash voucher through the web platform by taking the following steps:

It is helpful to note that cash vouchers generated are not bound by validity and expiry periods. In other words, a cash voucher never expires after a generation. If the monetary value of the cash voucher is not entirely used up, the balance is returned to a beneficiary’s NSFAS wallet.

With the cash voucher, one can proceed to a merchant or store location accredited by the NSFAS to perform cash withdrawals. For withdrawals, one will be asked to provide the cash voucher generated earlier and state desired withdrawal amount.  

How can I transfer money from my NSFAS wallet to my bank account?

The NSFAS Wallet is designed to function as a bank account for aid beneficiaries. The NSFAS credits funds directly to the wallet. Cash transfers from NSFAS Wallet to bank accounts are not possible. To withdraw from the wallet, one has to create a cash voucher and take it to any accredited merchant or store location partnering with the NSFAS.

Where can I withdraw my NSFAS wallet?

- ADVERTISEMENT -

Cash withdrawals from NSFAS wallets can be done at any store or merchant location accredited by the National Student Financial Aid Scheme (NSFAS). At the accredited store or merchant locations designated by the NSFAS, beneficiaries can pay for purchases with cash vouchers or exchange vouchers for proper cash. Available locations include the following: Shoprite, Checkers, Boxer, USave, and SPAR store locations specified by the scheme. Withdrawals, it must be noted, are subject to a cap set at 1000 South Africa Rand daily.

How Much Are You Allowed to Withdraw from NSFAS Wallet?

Withdrawals from the NSFAS Wallet cannot exceed a daily cap of 1000 South Africa Rand. This cap is designed to encourage prudent spending habits in aid beneficiaries. In other words, you must wait 24 hours before performing a withdrawal from your wallet when you exceed the limit.

Can I withdraw NSFAS e-Wallet at ATM?

Withdrawals from NSFAS e-Wallet can only be done at accredited stores or merchant locations designated by the National Student Financial Aid Scheme (NSFAS). These locations include the following: Shoprite, Checkers, Boxer, USave, and SPAR store locations specified by the scheme.

How Do You Access NSFAS Wallet?

Beneficiaries of NSFAS funding have their wallets created for them after their applications are approved. However, such wallets must be activated before they can be used. For NSFAS 

For wallet activation, one is required to access the NSFAS website available at www.nsfas.org.za. At this site, create an account after signing your LAF (online loan agreement form)/SOP (schedule of particulars). Upon account registration, you will be sent a text message containing a notification of your NSFAS Wallet registration. To verify your account, dial *134*176#, and input your identification number to complete the activation process. 

The NSFAS Wallet can be accessed through the USSD method or an assigned electronic channel. Beneficiaries are also advised to secure their login credentials to prevent unauthorized access and loss of access.

- ADVERTISEMENT -

Keep Reading

NSFAS Application And Closing Dates

NSFAS Application And Closing Dates

Read this guide to learn more about the important online links for applying and NSFAS Application and Closing Dates.

Do I Need to Pay Back NSFAS Bursary?

Do I Need to Pay Back NSFAS Bursary?

In this article, we break down whether you need to pay NSFAS, under what conditions this can happen, and how the payments will work for you.

NSFAS Application Evaluation Process And Meanings

NSFAS Application Evaluation Process And Meanings

But this article will shed some light on NSFAS Application Evaluation Process And Meanings.

Changing University: What Happens to NSFAS?

Changing University: What Happens to NSFAS?

Here is everything you need to know about this Nsfas Changing Institution. Changing University: What Happens to NSFAS

When Does NSFAS Stop Funding A Student?

When Does NSFAS Stop Funding A Student?

Today we’re looking at the various circumstances that can cause NSFAS to stop funding you and what you can do to avoid this.

How To Find Your NSFAS Reference Number: A Comprehensive Guide

How To Find Your NSFAS Reference Number: A Comprehensive Guide

How To Find Your NSFAS Reference Number? Follow these three easy steps to get the NSFAS reference number

How to Sign NSFAS Bursary Agreement Form

How to Sign NSFAS Bursary Agreement Form

However, as it is a funding scheme, successful applicants will be required to sign the NSFAS bursary agreement form.

Which Colleges Does NSFAS Fund in Gauteng

Which Colleges Does NSFAS Fund in Gauteng

Which Colleges Does NSFAS Fund in Gauteng. The following are the TVET colleges funded by NSFAS in Gauteng.

How to Recover NSFAS Password

How to Recover NSFAS Password

How to Recover NSFAS Password. In this article, we will discuss the procedure to make any necessary changes to your NSFAS password

How Do You Pay Back a Bursary?

How Do You Pay Back a Bursary?

Bursaries are different from other forms of sponsorship, although they help students pay for their education. Read on to learn how you pay back a bursary. 

SASSA Office Near Me – List of All SASSA Offices

SASSA Office Near Me – List of All SASSA Offices

If you want to get social services or a new SASSA card, you can check out SASSA Office Near Mes in South Africa and visit your nearest branch. 

How Much Does NSFAS Pay University Students?

How Much Does NSFAS Pay University Students?

In this article, we will be looking at how much does NSFAS pay university students with other pertinent issues.

How Do I Convert NSFAS Voucher to Cash

How Do I Convert NSFAS Voucher to Cash

How Do I Convert NSFAS Voucher to Cash. This article explains the process of converting a voucher from the NSFAS to cash.

Which Universities And Colleges Do NSFAS Fund?

Which Universities And Colleges Do NSFAS Fund?

In this piece, we will look at the list of universities and colleges NSFAS fund and discuss what NSFAS has for private institutions. 

How Much Must you Earn to Qualify for NSFAS?

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?