Nsfas announced that as part of the organisation's digital transformation, all beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the Nsfas bank card as of the 2023 academic year.
However, not all students will be transitioned onto the new payment system immediately, Nsfas will pilot this solution with a number of students first, following which, the full roll-out will occur in a phased-in approach.
The scheme has worked will four distribution partners, namely, Coinvest, eZaga, Tenet Technology and Norraco to develop the new Mastercard and app platform.
Some of the benefits of the new direct payment solution include access to value added services, banking freedom, value for money-negotiated rates and making online purchases and transactions.
The scheme has encouraged Mastercard users to manage their money with the eZaga App as you can now easily EFT allowances to other banks in South Africa.
Students can make EFT’s by following these steps:
- Log into the eZaga App
- On the home screen tap on “Pay Recipient”
- Enter the beneficiary details and proof of payment
- Procced and send an OTP pin
- Enter OTP to transfer
- Tap on “Confirm”
According to Nsfas, extensive precautionary measures have been taken to ensure that the system will be secure and easy to use.
Students will be issued with both a physical and virtual card and the new system will be able to restrict transaction to allowable commodities.
Find out more about bursaries and funding on the Bursaries Portal.
