The National Student Financial Aid Scheme (NSFAS) has introduced a new student payment method.
The NSFAS wallet is getting a revamp, and instead, a NSFAS Mastercard will be the new way forward. Here is everything you need to know.
NSFAS has partnered with Tenet Technology, eZaga, coinvest and norraco to provide students with a Mastercard to receive their monthly allowances, which operates similarly to official banking cards, like from Standard Bank or FNB.
The card will assist students when it comes to receiving their monthly allowances from the financial aid provider.
The NSFAS wallet is being decommissioned and replaced with a Mastercard, which can be used to pay for any essentials needed.
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The Mastercard has a tap-to-pay feature which allows students to pay for data, airtime, electricity, and any other essentials. Students will also have access to their e-Wallet via the NSFAS – Tenetech Student App.
Previously, the NSFAS wallet was a mobile banking platform where students could create accounts in order to receive their allowances from NSFAS, as well as withdraw money from registered merchants.
Now, besides paying for monthly essentials, students will also be able to withdraw cash (without paying any bank fees) at participating merchants, as well as transact and transfer money to and from other people with the Mastercard.
Students can swipe or withdraw money from the card, and parents can also deposit money as well.
The Mastercard will be issued to every NSFAS beneficiary, who will be able to use and swipe it anywhere, and who can download the app that goes along with it.
Onboarding processes are currently happening at institutions. Students can also onboard themselves online and can sign up for the card by downloading the app.
Once they have downloaded the app, they may follow the instructions to set it up and wait for their Mastercard to be delivered to their campus.
Only once the card has been delivered can students begin the activation process.
This new payment solution will ensure that students have greater control over their money as Mastercards have greater r functionality.
NSFAS has taken several precautionary measures to ensure the system will be secure and easy to use for students. A call centre facility and several query resolution mechanisms will also be available to support students around the country.
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