What happens after activating NSFAS Wallet? This is one of the frequently asked questions by NSFAS approved students who have activated their wallets for NSFAS allowances.
Have you already activated your NSFAS wallet and you’re wondering what to do next or what happens to your wallet after you have activated your wallet?
Well, you have to keep reading this article for the answers to the question.
In this article, we’re providing answers to the question of what happens to your NSFAS wallet after you have activated it.
We’ll also look at other FAQs and provide answers to them as well.
So, let’s dive right into the topic.
What happens After Activating NSFAS Wallet?
NSFAS will send you a welcome SMS message and advise you to verify your account. Again, NSFAS will add that you should always make sure you have access to the cell phone number on you at all times. The one you used to create your account.
This is because NSFAS will send you SMS notifications on every transaction and activity that is carried on in your NSFAS e-wallet.
Keep your current cell phone number and not the old one in case you changed your number in your account.
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Also, NSFAS will use your number to disburse your funds into your wallet.
After activating your NSFAS wallet account, NSFAS can trust the wallet and your account and will deposit your allowances into it.
Now, let’s see some of the related FAQs to what happens after activating NSFAS wallet.
Can I Transfer Money From NSFAS Wallet To Bank Account?
No, NSFAS does not allow you to transfer your NSFAS wallet to your bank account. However, you can create a cash voucher when your allowances are loaded into your NSFAs wallet.
After creating a cash voucher, you can then go to NSFAS participating store to present your voucher in exchange for physical cash.
Moreover, you can use your NSFAS cash voucher to purchase items at any participating store if you don’t want to exchange the voucher for cash.
NSFAS Participating Stores
Some of the NSFAS participating stores include:
- Shoprites
- Checkers
- Boxers
- USAVE or
- Selected Spar stores.
How Much Can You Withdraw From Your NSFAS Wallet?
You can withdraw all the amount of your NSFAS allowances once they are deposited into your wallet. However, you can only withdraw a maximum amount of R1000 per pay at NSFAS participating stores like Shoprite and Checkers.
Although you can spend all your allowances, we advise that you spend your allowances economically.
How Does NSFAS Wallet Work?
The NSFAS Wallet is where NSFAS disburses NSFAS personal allowances to students who are approved for NSFAS funding. Students will only get their NSFAS personal allowances through their NSFAS wallets.
That is why NSFAS create a wallet for all approved students for the National Students Financial Aid Scheme funding.
NSFAS deposites only your personal allwances in your NSFAS wallet. All others like tuition fee are disbursed to the appropriate offices.
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Again, NSFAS will not deposit your allowances into your bank account.
Even though NSFAS will create the wallet but you’ll need to activate your wallet in order to receive your allowances.
That is why we recommend that you read How To Activate NSFAS Wallet for the easy step-by-step guide to activate your NSFAS wallet successfully.
Unblocking NSFAS Wallet?
It is quite usual to get your NSFAS wallet blocked or locked especially when you enter the wrong login details three consecutive times.
However, you can unblock your account in case such unfortunate happens to your wallet account. The good news is, you can unlock your blocked wallet with your cell phone.
That is why we have a full article on How To Unlock Your NSFAS Wallet By Cell Phone. You should read it for the guide in case your NSFAS wallet gets blocked or locked.
Also, note that www.nsfas.org.za is the webpage for the National Students Financial Aid Scheme (NSFAS).
We do hope this article on what happens after activating NSFAS wallet was helpful?
You can ask your questions in the comment section.
