The National Student Financial Aid Scheme (Nsfas) has announced the introduction of its new direct payment solution for student allowances, through the Nsfas Mastercard.
It is said that all Nsfas beneficiaries will be provided with a mastercard and a bank account where monthly allowances will be disbursed directly.
Mastercard Benefits Nsfas Beneficiaries
- 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 an 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 fraudulently
- All these will afford beneficiaries control over their finances and teach them financial responsibility.
According to Mamabolo, the new solution will be introduced with the assistance of the third-party financial services providers. It has also been confirmed that Nsfas will use Coinvest, Zaga, Morocco and Tenet Technology, as its selected distribution partners.
Following delays in disbursing allowances for the month of August, Nsfas has shared that student allowances for August 2022 are currently being processed.