The National Student Financial Aid Scheme (Nsfas) has revealed that beneficiaries will soon be issued with Nsfas Mastercards. This payment solution will ensure that students have greater control over their money as Mastercards have greater functionality.
Nsfas will distribute allowances to students via the new Mastercard solution. Beneficiaries of the scheme receive a transport allowance, living allowance, learning material allowance and a personal care allowance.
The bursary scheme teamed up with four partners to bring this new payment plan to students. These distribution partners include coinvest, eZaga, norraco and Tenet Technology. Students are advised to enquire at their institution which distribution partner they are required to register with.
It is believed that Nsfas Mastercards will provide students with access to value-added services, value for money-negotiated rates and banking freedom
Students will be issued with a physical and a virtual card. The physical card is equipped with ‘Tap and Pay’ functionality and will allow students to conduct online transactions and purchases. Students will also receive an SMS each time a transaction is carried out via their account.
Mobile apps will also be able for download to better improve the function of performing EFT transactions.
This is a big change for the students. There are plans in place to prepare them and equip them with the necessary tools to navigate this new journey with ease.
Nsfas took several precautionary measures to ensure the system will be secure and easy to use for students. A call centre facility and several query resolution mechanisms will also be available to support students around the country.
