Introducing the NSFAS Mastercard
The National Student Financial Aid Scheme (NSFAS) is introducing its new direct payment solution for student allowances, through the NSFAS MasterCard.
The government-funded bursary programme for South Africa will soon provide Mastercards to thousands of students throughout the nation. The expanded features of this card will give students greater control over their allowances. For all students receiving allowances from the National Student Financial Aid Scheme (Nsfas), a Nsfas Mastercard will be introduced. These cards are anticipated to be more functional than the current Nsfas cards.
Providing payment products and infrastructure to execute transactions between consumers and businesses, Mastercard is a multinational technology corporation. All of Nsfas’ recipients will receive a Mastercard and a bank account into which all of their monthly stipends will be paid, the organisation claimed. They noted that assistance from other financial services providers will be used to implement this new solution.
Students will be able to take advantage of value-added services and discounted costs thanks to this. In order to complete EFT transactions, students will also be able to use a Tap-to-Pay or even download mobile applications. When a purchase is made using their Nsfas Mastercard, they will also get an SMS. The cards will have a pin that will make it challenging for people who aren’t owners to use the card.
- 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 it 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.
THE DISTRIBUTING PARTNERS INCLUDE:
- zaga Norraco Tenet