The National Student Financial Aid Scheme (NSFAS) plans to introduce the NSFAS MasterCard as a new direct payment solution for student allowances.NSFAS MasterCard comes along with a bank account where monthly allowances will be disbursed.
Student should expect to use NSFAS Mastercard services to receive their allowances within the next academic year.
This new payment solution is a plus for the NSFAS scheme generally because of challenges experienced by the use of current allowance payment method will be reduced.
The bursary scheme has experienced many issues related to the payment of these allowances such as illegal access, possible payment to ghost beneficiaries, incorrect and duplicate payments.
NSFAS intends to launch the NSFAS Mastercard service in 2023 academic year. Before the launch, a few students will engage in testing the service, then it will be available to all.
The NSFAS Mastercard will be activated for as long as a student is still funded by NSFAS. Some of the benefits of using this card include:
- 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 it fraudulently.
- All these will afford beneficiaries control over their finances and teach them financial responsibility.
Please either visit the NSFAS social media pages or their official website for updates to this information.
Getting timely information matters, connect with us through Facebook to receive oppurtunities. Welcome.
