Students who are funded by NSFAS will start making use of their Mastercard to receive their allowances within the next academic year. Are you a student looking to obtain financial assistance in the form of a bursary or loan? Look no further, the National Student Financial Aid Scheme (NSFAS) provides students with allowances for expenses such as learning materials, transport and other living expenses.
The bursary scheme is a critical program that supports students across South Africa to attend college and university. The NSFAS has been experiencing challenges with regard to the payment of allowances, such as illegal access, possible payment to ghost beneficiaries, and incorrect and duplicate payments.
As a solution to the challenges students face with their NSFAS payments, we are excited to announce that NSFAS is developing an alternative and secure payment solution which will see students receiving their monthly allowances through a bank card called the NSFAS Mastercard.
The NSFAS payment solution will make the payment of allowances smoother and eliminate delays which students have been experiencing with the current method.
NSFAS is pleased to inform you that the NSFAS Mastercard solution has been approved for implementation by the management of the National Student Financial Aid Scheme (NSFAS). The Mastercard will be rolled out in phases from the 2024 academic year.
The following banks have partnered with NSFAS to make this happen:
NSFAS Mastercard is a feature-packed credit card for students. Students can use the card for any transactions a standard card can be used for and as long as you maintain your payment terms NSFAS will gather information from these transactions to maximise the deals it can negotiate for its students.
NSFAS has announced that it will start collecting information about the purchases made by its students. This will be used to determine which restrictions should be put in place to stop students from purposefully abusing the card
Students will receive an email from NSFAS once the card is activated. Students can keep updated with the roll-out process by visiting the NSFAS social media pages or contacting their student representatives.