How To Update Unisa Payment Banking Details

How To Update Unisa Payment Banking Details

How To Update Unisa Payment Banking Details

UNISA News – Many students rely on allowances from a government bursary scheme to ensure they can purchase essential items while they are at university. One university will use a new method to distribute these allowances to students.

Every month, thousands of students use living allowances from the National Student Financial Aid Scheme (Nsfas) to purchase basic goods and services. These allowances are often distributed to the students by the institutions they attend.

The University of South Africa (Unisa) has announced they will utilise new Electronic Funds Transfer (EFT) functions to pay student allowances and refunds.

These reimbursements and allowances are from Nsfas. They said these allowances will be processed twice a month. Students may receive their allowance in the first and the last week of each month.

Here Are The Steps Unisa Will Take When Paying Nsfas Allowances 

  1. If a student qualifies for a refund and/or allowance, an email will be sent to the students’ myLifeemail account, containing all the relevant information they need along with a secure link to a website where the relevant banking details must be entered and submitted.
  2. After reading the email carefully, students must click on the link which will allow them to capture their banking details and submit these. Unisa warned that students can only use their active bank accounts. Payments to third-party accounts are not permitted and will not be processed. The account particulars will be verified against the students ID number.
  3. The verification status of the details students submitted will be displayed. This may not occur immediately. Students are advised to revisit the link until this information is made available.
  4. If the bank account verification fails or is rejected, students must re-enter their banking details and ensure they are correct.

Unisa said it can take up to 15 days for refunds to reflect in the banking account of the student. If students have any concerns they are encouraged to contact the Directorate of Student Funding at dsfref@unisa.ac.za

Nsfas recently revealed that they will pay students directly in the future. This will be facilitated through a Mastercard and a linked account. This to ensure students have greater control over their money while also teaching them financial responsibility.

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