NSFAS MasterCard introduced. The National Student Financial Aid Scheme (NSFAS) is introducing its new direct payment solution for allowances, through the NSFAS Master card. All NSFAS beneficaries will be provided with a Mastercard and a bank account where monthly allowances will be disbursed directly. The new solution will be introduced with the assistance of the third-party financial services providers.
NSFAS Mastercard Benefits:
Nsfas beneficiaries will get:
- 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.
NSFAS funded beneficiaries receive monthly allowances towards either food, transport and other living expenses the new solution will help students manage their finances suitably and also teach them financial responsibility. This is a big change for the students, there are plans in place to prepare them and equip them with the necessary tools to navigate this new journey with ease. For more information visit official website https://www.nsfas.org.za/content/mastercard.html
