This article contains everything you need to know about the new NSFAS Mastercard introduced by the National Student Financial Aid Scheme (NSFAS). Let’s read along.
We are pleased to let you know that the NSFAS has introduced a new direct payment solution for student allowances called the NSFAS MasterCard. As a result of this, all NSFAS funded students will be provided with a MasterCard and a bank account where monthly allowances will be disbursed directly, on a monthly basis. The new solution will be introduced with the assistance of third party financial services providers.
Over the years, NSFAS sponsored students in Public Universities and TVET colleges have found it difficult to access their funds. Therefore, the introduction of this initiative serves as a long lasting solution to this problem.
According to a statement released by NSFAS, the main purpose of the NSFAS Mastercard is to 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. The new solution will help students manage their finances suitably and teach them financial responsibility.
With the estimated number of NSFAS funded students at 900,000, not all these students will be onboarded onto the new payment system immediately, NSFAS will pilot this solution with a set number of students first, following which the full roll-out will occur in a phased-in approach.
In the end, all NSFAS funded students should receive their allowances and transact through the NSFAS Mastercard.
To have a clearer picture of the benefits of the new NSFAS Mastercard, we have outlined them below.
The Benefits of the New NSFAS Mastercard
- Access to value-added services.
- Value for money-negotiated rates.
- Banking freedom.
- Make online transactions and purchases.
- Download the allocated partner’s mobile app and perform EFT transactions.
- ‘Tap to Pay’ functionality and virtual card to pay securely at merchants.
- Receive a sms each time a transaction is carried out via their account.
- The card will be pin enabled which will make it difficult for non-owners to use it fraudulently.
- All these will afford beneficiaries control over their finances and teach them financial responsibility.
I know so many students would be wondering about the security and the accountability of this payment system. According to NSFAS, to guarantee a pleasant student experience and that student allowances are used for what they are intended for, they have taken precautionary measures, and the system will be secure and easy to use.
How do the NSFAS Mastercard Work?
- Students will be issued a physical and a virtual card.
- The new system will be able to restrict transactions to allowable commodities.
- Students will receive third party customer rewards as part of value-added.
- The use of student data will be in line with the Protection of Personal Information Act (POPIA).
- There will be a call Centre facility and several query resolution mechanisms to support students nationally, anywhere in the country.
- The solution will allow students to capture, validate and update their personal details through a secure validation mechanism.
- The solution meets all financial sector regulatory standards and can stop payments, and block/unblock and flag accounts in cases of fraud, death, etc.
- Students will receive essential messages via SMS, email or other platforms at different points in their transacting journeys.
- Students will have complete visibility of all transactions and balances.
As confirmed on their official website, the distributing partners will be Coinvest, eZaga, Morocco and Tenet Technology. If you are yet to apply for your NSFAS funds, what are you waiting for? Kindly check steps on how to apply HERE.
