Students funded by Nsfas who attend TVET colleges usually receive their allowances through the Nsfas wallet system that’s used only at 44 out of the 50 TVET colleges countrywide.
The Nsfas wallet is a mobile banking platform where students create accounts so that they are able to receive allowances from Nsfas and withdraw Nsfas allowances at registered merchants.
However, the scheme recently announced that it has been working on an alternative secure plan which will see students receiving their allowances through a Mastercard, which operates similarly to a bank card.
“This new payment solution will alleviate challenges experienced through the current allowance payment method as well as appropriately cater for the ever-increasing number of beneficiaries and large amount of funds to be disbursed.” says NSFAS
The introduction of the new Nsfas Mastercard will mean that students will no longer be receiving their allowances through the Nsfas wallet, they will then receive it through the Nsfas bank card that’s set to roll out in the 2023 academic year.
According to the bursary scheme, onboarding processes are currently happening at institutions and students can onboard themselves via the online platform: https://t.co/sfoBgVDfUu or https://t.co/j9YOUMnsd8
Nsfas has set out to pilot this solution with number of students first, following which the full roll-out will occur in a phased-in approach and in the end, the Nsfas card will be issued to every Nsfas beneficiary.
The card will allow students to transact and swipe anywhere a regular bank card would. Beneficiaries will also be able to transfers to and from bank accounts as a banking app has also been created for the Mastercard.
“The new solution will help students manage their finances suitably and teach them financial responsibility.”
To ensure that students have a pleasant experience using the bank card, the bursary scheme has taken several precautionary measures that will make the system secure and easy to navigate.
