What is Coinvest NSFAS?

If you’re an NSFAS beneficiary at a TVET College, you might have encountered the term Coinvest NSFAS during the disbursement process.

This article will serve as your guide to understanding Coinvest NSFAS, handling its functionalities, and managing your student allowance effectively.

What is Coinvest NSFAS?

Coinvest NSFAS is a financial technology (fintech) solution implemented by NSFAS in partnership with Coinvest Africa.

It essentially replaces the traditional NSFAS black card system. As an NSFAS beneficiary at a TVET College, your monthly allowance will be deposited directly into a Coinvest account.

This account functions as a digital wallet accessible through a mobile app and allows you to manage your finances conveniently.

Benefits of Coinvest NSFAS

There are many advantages to using Coinvest NSFAS for managing your NSFAS allowance:

1. Convenience and Security: Coinvest offers a user-friendly mobile app that allows you to access your allowance 24/7. Transactions are secured through PIN and biometric authentication, minimizing the risk of theft or loss compared to a physical card.
   
2. Real-time Tracking: You can monitor your account balance and transaction history in real-time, enabling you to budget effectively and avoid unnecessary spending.
   
3. Multiple Transaction Options: Coinvest allows for various transaction methods, including making in-store purchases using the Coinvest card, performing cashless transactions at approved vendors, and sending and receiving money from other Coinvest users.
   
4. Reduced Fees: Coinvest eliminates the monthly fees previously associated with the NSFAS black card, allowing you to maximize your allowance.

How to Register for Coinvest NSFAS

The registration process for Coinvest NSFAS is straightforward.

These are the steps involved in the registration process:

1. Pre-registration: Check with your TVET College for any specific instructions regarding Coinvest registration. You might be required to pre-register online before activating your account.
   
2. Download the Coinvest App: Download the Coinvest Money App from the Google Play Store or Apple App Store.
   
3. Sign Up: Open the app and initiate the signup process. You’ll need to provide your ID number, mobile number, and create a secure password.
   
4. Verification: Coinvest will send a One-Time Pin (OTP) to your registered mobile number for verification. Once verified, your account will be active.
   
5. Collect Your Card: Upon account activation, your TVET College will inform you on how to collect your physical Coinvest card. This card allows you to make purchases at merchants that accept Mastercard.

Is Coinvest NSFAS safe?

Coinvest employs industry-standard security measures to protect your financial information.

Your account is secured with a PIN and biometric authentication, and all transactions require your authorization.

What if I lose my Coinvest card?

If you lose your Coinvest card, you can immediately report it lost or stolen through the Coinvest app.

Coinvest will deactivate the lost card, and you can request a replacement through your TVET College.

Are there any fees associated with Coinvest NSFAS?

Unlike the NSFAS black card, Coinvest does not have any monthly fees.

However, standard charges may apply for specific transactions, such as interbank transfers or cash withdrawals.

You must familiarize yourself with Coinvest’s fee structure before conducting transactions.

How do I track my Coinvest NSFAS allowance?

The Coinvest app allows you to monitor your account balance and transaction history in real-time.

You can view your allowance deposits, spending details, and any remaining funds.

Can I use Coinvest NSFAS to pay for things other than my education?

Yes, you can use your Coinvest account for various purposes beyond educational expenses.

You can make purchases at approved merchants, send and receive money from other Coinvest users, or withdraw cash at ATMs.

However, it’s important to manage your allowance responsibly and prioritize your educational needs.

What if I encounter problems using Coinvest NSFAS?

Coinvest offers a dedicated customer support team to assist you with any issues you might encounter.

You can access their support through the Coinvest app or contact them directly using their contact information provided on the Coinvest website.

How Do I Contact Coinvest NSFAS for Support?

If you encounter any difficulties with your Coinvest NSFAS account, you can access support through the following channels:

1. Coinvest Help Centre: The Coinvest website has a help centre with FAQs and troubleshooting guides.
2. Coinvest Support Email: You can directly email Coinvest support at [email protected] for further assistance.
3. Coinvest Support Phone Number: Also, you can contact Coinvest support via phone at 0800 014 551.