Coinvest NSFAS is a direct-payment system introduced to streamline the disbursement of student allowances under South Africa’s National Student Financial Aid Scheme (NSFAS). This guide provides a comprehensive breakdown of everything students need to know about Coinvest NSFAS, including how to register, fees, withdrawal methods, security features, and troubleshooting solutions.
What is Coinvest NSFAS?
Coinvest NSFAS is a partnership between NSFAS and Coinvest Africa, a South African fintech company, to provide students with an online bank account and NSFAS Mastercard. The goal is to modernize student allowances by offering a safer, more convenient way for students to access their funds. This is part of a broader NSFAS initiative to improve fund management and reduce fraud.
Why Was Coinvest NSFAS Introduced?
Previously, NSFAS relied on traditional bank transfers, voucher systems, and third-party disbursement methods. However, these systems were plagued with fraud, delays, and administrative inefficiencies. Coinvest NSFAS aims to:
- Provide students with a dedicated, PIN-protected NSFAS bank account.
- Ensure timely and direct payments of allowances.
- Reduce instances of unauthorized transactions and ghost beneficiaries.
- Enable students to use their funds via a physical Mastercard or virtual card.
How to Register for Coinvest NSFAS
To access your NSFAS allowances through Coinvest, you must register an account. Follow these steps:
- Visit the Coinvest NSFAS website (or download the Coinvest NSFAS app on Android or iOS).
- Click ‘Sign Up’ and enter your ID number for verification.
- Provide your mobile number and accept the terms and conditions.
- Enter the OTP (One-Time Pin) sent to your phone.
- Create a username and password for secure access.
- Choose an identification type (ID document, passport, etc.) and upload a scanned copy.
- Upload a selfie with a thumbs-up gesture for identity verification.
- Fill in your personal details (full name, student number, institution, etc.).
- Complete the process and receive confirmation of your new Coinvest NSFAS account.
Once registered, you will receive a physical NSFAS Mastercard, which can be collected from your institution’s designated distribution points.
How to Withdraw Money from Coinvest NSFAS
There are multiple ways to access your NSFAS funds:
ATM Withdrawals
- Insert your NSFAS Mastercard at any ATM.
- Enter your PIN and select ‘Withdraw Cash.’
- Withdraw within the daily limit (initially R200, later increased to R5,000 per day).
- Note: ATM withdrawals may incur small transaction fees.
Electronic Transfers (EFTs)
- Log in to your Coinvest NSFAS account via the website or app.
- Navigate to ‘Move Money’ and select ‘Withdraw.’
- Enter the amount and select your bank account.
- Review and confirm the transaction.
- EFT transfers may take 24-48 hours to reflect in your external bank account.
In-Store Purchases
- Use your Coinvest NSFAS Mastercard at any retailer that accepts Mastercard.
- Tap or insert your card and enter your PIN.
- Some transactions may have spending limits for security purposes.
Coinvest NSFAS Fees and Charges
NSFAS and Coinvest have implemented a fee structure that covers the cost of maintaining student accounts. Below is a summary of the most common charges:
| Transaction Type | Fee |
|---|---|
| Monthly Account Fee | R12 |
| ATM Withdrawal Fee | Varies (usually R5-R10 per transaction) |
| EFT Transfer Fee | Free for most banks |
| Card Swipe (POS Transaction) | Free |
Students are advised to plan withdrawals carefully to minimize unnecessary fees.
Security Features and Fraud Prevention
To prevent fraud and unauthorized transactions, Coinvest NSFAS has implemented several security measures:
PIN and OTP Security
- Every account is protected by a PIN and requires OTP verification for high-risk transactions.
- Never share your PIN or OTP with anyone.
- If you receive an OTP request you did not initiate, contact support immediately.
Account Locking and Card Freezing
- If your account is compromised, you can instantly lock or deactivate it via the Coinvest app.
- NSFAS regularly monitors accounts for suspicious transactions.
Fraud Awareness
- Be wary of phishing scams. NSFAS will never ask for your PIN, password, or OTP via email or WhatsApp.
- Always verify you are logging into the official Coinvest NSFAS website.
Common Issues and Troubleshooting
Many students have encountered technical issues with Coinvest NSFAS. Below are some common problems and their solutions:
Registration & Login Errors (“Oh no! Something went wrong.”)
- Ensure you have completed all required steps during registration.
- Clear your browser cache or try using a different device.
- If the problem persists, contact Coinvest support (0800 014 551 or nsfas@coinvest.africa).
Delayed or Missing Allowance Payments
- Check the NSFAS website for announcements regarding disbursements.
- Confirm your account is verified and active.
- Contact your institution’s financial aid office if payments are late.
Failed ATM Withdrawals or Card Declines
- Ensure you have not exceeded your daily withdrawal limit.
- Try inserting the card instead of using contactless payments.
- Report persistent failures to Coinvest support.
Lost/Stolen Cards
- Immediately freeze your account via the Coinvest app.
- Request a replacement card at your campus distribution center.
Unrecognized Fees or Charges
- Review the transaction history in your Coinvest app.
- If fees seem incorrect, contact Coinvest support for clarification.
Future Changes to Coinvest NSFAS
In late 2023, an investigation revealed irregularities in the appointment of Coinvest and three other fintech companies. As a result, NSFAS announced plans to terminate these contracts. However, to prevent disruption, Coinvest NSFAS will continue operating while NSFAS transitions to a new payment system.
- NSFAS has confirmed that student allowances will continue to be paid regardless of these contract changes.
- Future alternatives may include direct government disbursements or partnerships with regulated banks.
- Students should monitor NSFAS’s official channels for updates.
Conclusion
Coinvest NSFAS represents a major shift in how student allowances are managed in South Africa. While it offers many benefits, including enhanced security and banking convenience, it has also faced criticism for technical issues and service disruptions. By understanding how to navigate the system, students can maximize its advantages while avoiding common pitfalls.
For the latest updates, always check the official NSFAS and Coinvest websites.
Need Help? Contact Coinvest NSFAS at:
- Toll-Free: 0800 014 551
- Email: nsfas@coinvest.africa
Stay informed, stay safe, and ensure you get the most out of your NSFAS funding!
