How To Transfer Money From NSFAS Wallet To Bank Account

As a student, having access to financial aid can be a game-changer, and the National Student Financial Aid Scheme (NSFAS) has made it easier for you to receive your monthly allowances through the NSFAS Wallet. This innovative solution allows you to withdraw cash and purchase goods at any merchant registered with NSFAS. However, one common question that arises is, “Can I transfer money from my NSFAS Wallet to my bank account?”

Unfortunately, the answer is no. Students are not able to directly transfer funds from their NSFAS Wallet into another bank account. The NSFAS Wallet functions similarly to a bank account, but it has its own set of rules and limitations.

Creating a Cash Voucher

While you cannot directly transfer money, there is a workaround. Students have the option to create a cash voucher using their NSFAS Wallet. This voucher can then be redeemed for cash at participating stores. The participating stores that accept and redeem these cash vouchers are:

  • Checkers
  • Boxer
  • USave
  • Selected Spar stores

When you redeem your cash voucher at these stores, you will receive the cash equivalent of the voucher value. There is no spending limit when withdrawing cash or purchasing goods from participating stores, as long as you don’t exceed the maximum value of your NSFAS Wallet.

Setting Up Your NSFAS Wallet

Before you can start using your NSFAS Wallet, you’ll need to set it up. The process is straightforward and can be done by following these simple steps:

  1. Receive a “Welcome” SMS from NSFAS
  2. Verify your account by dialing *120*176# and replying with your ID number
  3. Receive a password that you’ll use when transacting (keep this password safe)
  4. Visit to change your password (use the password you received to log in)

Once your account is activated, you’ll have full access to your funds, and you can start using your NSFAS Wallet for various transactions.

People Also Ask

Can I use my NSFAS Wallet at any store?

No, you can only use your NSFAS Wallet at merchants registered with NSFAS. However, you can create a cash voucher and redeem it at participating stores like Checkers, Boxer, USave, and selected Spar stores.

Is there a limit to how much I can withdraw or spend from my NSFAS Wallet?

There is no specific spending limit when withdrawing cash or purchasing goods from participating stores. You can spend up to the maximum value of your NSFAS Wallet balance.

What happens if I lose my NSFAS Wallet password?

If you lose your NSFAS Wallet password, you can visit and follow the prompts to reset your password. It’s crucial to keep your password safe and secure at all times.

Can I transfer money from my bank account to my NSFAS Wallet?

No, the NSFAS Wallet is a one-way system. You cannot transfer money from your bank account or any other source into your NSFAS Wallet. The funds in your NSFAS Wallet are solely provided by NSFAS.

How long does it take for my NSFAS Wallet to be funded?

The timeline for funding your NSFAS Wallet can vary depending on your institution and NSFAS’s processes. However, typically, your wallet should be funded within the first few weeks of the academic term.

Can I use my NSFAS Wallet for online purchases?

Unfortunately, no. The NSFAS Wallet is designed for in-person transactions only. You cannot use it for online purchases or any other digital transactions.

By following these guidelines and understanding the limitations of the NSFAS Wallet, you can effectively manage your financial aid and make the most of this valuable resource. Remember, the NSFAS Wallet is a tool to help you access your allowances conveniently, but it’s essential to use it responsibly and within the prescribed guidelines.


Chinua Achebe, with a decade of expertise in SASSA and NSFAS, is your trusted guide in navigating these vital support programs. Count on his experience to help you access the assistance you need.

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