Are you a student who receives financial aid from NSFAS? If so, you need to know about Coinvest NSFAS. You should know that managing your funds can be a challenge. You need to make sure that your money is going toward your education, not toward unnecessary expenses. But with this, you can easily manage your NSFAS funds online, from anywhere.
In this article, we’ll take a closer look at Coinvest NSFAS and explore what it is, how it works, who it’s for, benefits and drawbacks, and how to register and login, and withdraw.
So whether you’re a current NSFAS beneficiary or you’re thinking about applying for financial aid, read on to learn more about Coinvest NSFAS and how it can help you manage your funds.
What is Coinvest?
First Coinvest is a company based in South Africa that was founded in 2019. It offers a mobile money platform that allows users to send and receive money, pay bills, and make online purchases. Coinvest also offers a physical money card that can be used to withdraw cash from ATMs and make payments in stores.
What is Coinvest NSFAS?
According to Studentportal: Coinvest NSFAS is a digital banking platform that allows students who receive loans and bursaries from the National Student Financial Aid Scheme (NSFAS) to manage their funds online. It is one of the three NSFAS bank account providers, the others being eZaga and Norraco.
With it, students can view their balances, make payments, and withdraw cash securely and conveniently. They can also use the platform to apply for additional financial aid and manage their payment schedules.
To open an account, students must first apply for NSFAS funding. Once they have been approved for the financing, they will be able to create an account on the Coinvest website or mobile app.
Moreso, it is a convenient and secure way for NSFAS beneficiaries to manage their funds. However, the fees associated with the account can be high, so students should carefully consider their options before opening an account.
How Does Coinvest NSFAS Work?
Here is how it works:
- Students apply for NSFAS funding.
- If they are approved for funding, they will be issued a Coinvest card.
- They can then use the card to make payments, withdraw cash, and view their balances online or through the Coinvest mobile app.
- They can also use the platform to apply for additional financial aid and manage their payment schedules.
The Coinvest NSFAS account is free to open, but there are some fees associated with using it. These fees include a monthly fee of R65, an R50 card activation fee, and a R12 + 1.5 percent fee for every ATM cash withdrawal.
Who Is Coinvest NSFAS For?
Coinvest NSFAS is available to students who are enrolled in a tertiary institution in South Africa and who have been approved for NSFAS funding. The following institutions are currently partnered with Coinvest for NSFAS:
- Rhodes University
- Sefako Makgatho Health Science University
- Stellenbosch University
- University of Cape Town
- University of Mpumalanga
- University of South Africa
If you are a student at one of these institutions and you have been approved for NSFAS funding. Then, you can apply for a Coinvest NSFAS account. To do this, you will need to create an account on the Coinvest website or mobile app.
Benefits of Using It
There are many benefits to using Coinvest NSFAS, including:
- Convenience: You can manage your NSFAS funds online or through the Coinvest mobile app. This makes it easy to view your balances, make payments, and withdraw cash.
- Security: Coinvest NSFAS uses the latest security features to protect your funds. Your card is chip-and-PIN enabled, and your account is protected by 24/7 fraud monitoring.
- Flexibility: You can use your Coinvest NSFAS card to make online and offline payments. You can also withdraw cash from ATMs and bank branches.
- Accessibility: Coinvest NSFAS is available to students who are enrolled in a tertiary institution in South Africa.
- Free to open: You can open a Coinvest NSFAS account for free.
Drawbacks of Using It
Here are some of the drawbacks of using Coinvest NSFAS:
- High fees: There are several fees associated with using Coinvest NSFAS, including a monthly fee of R65, an R50 card activation fee, and a R12 + 1.5 percent fee for every ATM cash withdrawal. These fees can be expensive, especially for students who are on a tight budget.
- Not all institutions are partnered: It is not available to students who are enrolled in all tertiary institutions in South Africa. Only a few institutions are currently partnered with Coinvest for NSFAS.
- Customer support can be slow: Some users have complained that Coinvest customer support can be slow to respond to queries. This can be frustrating if you have a problem with your account.
How to Register For A Coinvest NSFAS Account
Here are the steps on how to register and open an account:
- Go to the Coinvest website.
- Click on the SIGN UP button.
- Select NSFAS STUDENT ACCOUNT as the account type.
- Click on a Sign Up button agian.
- Enter your NSFAS registration number and contact details.
- Upload a copy of your ID and proof of student registration.
- Read and agree to the terms and conditions.
- Click on the Submit button.
Your application will be reviewed and you will be notified if your account has been approved. Once your account has been approved, you will be issued a Coinvest NSFAS card. However, if you already have an existing account, then you should login.
How to Login to A Coinvest NSFAS Account
Here are the step for you to login to your coinvest NSFAS account.
- Go to the Coinvest website.
- Click on the LOGIN button.
- Select NSFAS STUDENT ACCOUNT as the account type.
- Enter your username and password.
- Then click Let’s go.
If you have forgotten your password, you can click on the “Forgot password?” link. You will be asked to enter your email address or ID number and you will receive a link to reset your password.
How Do I Withdraw Money From Coinvest?
There are a few ways to withdraw money from Coinvest NSFAS:
- ATM withdrawal: You can withdraw cash from any ATM that accepts Mastercard. There is a fee of R12 + 1.5 percent for every ATM cash withdrawal.
- Bank deposit: You can deposit money into your bank account by visiting a Coinvest branch or by using the Coinvest mobile app. There is no fee for this service.
- EFT: You can transfer money to another bank account using the Coinvest mobile app or website. There is a fee of R10 for this service.
- Airtime top-up: You can top-up your airtime using the Coinvest mobile app. There is no fee for this service.
- Bill payment: You can pay your bills using the Coinvest mobile app. There is a fee of R10 for this service.
To withdraw money from it, you will need to have your Coinvest card and your PIN.
Here are the steps on how to use your card to withdraw money from Coinvest NSFAS using an ATM:
- Insert your Coinvest card into the ATM.
- Enter your PIN.
- Select Withdrawal.
- Enter the amount you want to withdraw.
- Collect your cash.
Here are the steps on how to withdraw money from Coinvest NSFAS using the Coinvest mobile app:
- Open the Coinvest mobile app.
- Tap on the “Withdraw” tab.
- Enter the amount you want to withdraw.
- Select your preferred withdrawal method.
- Follow the instructions on the screen.
However, you should note that it is not available om the Google Play Store and you have to sideload it or install if from a third-party platform.
Conclusion
In conclusion, Coinvest NSFAS is a digital banking platform that can be a great way for NSFAS beneficiaries to manage their funds. It offers a variety of features that can help students track their spending, set budgets, save money, pay bills, and withdraw cash.
However, it is important to note that it does have some fees associated with it. So, students should carefully consider their options before opening an account.
Overall, Coinvest NSFAS is a convenient and secure way for NSFAS beneficiaries to manage their funds. If you are a student who receives financial aid from NSFAS, I encourage you to learn more about Coinvest NSFAS and see if it is a good fit for you.