Two weeks ago the National Student Financial Aid Scheme (NSFAS) announced that it will be rolling out Nsfas Mastercard as the new way of paying students benefits. The scheme indicated that the main objective of introducing these cards is to help beneficiaries manage their money better and more effectively.
The Nsfas Mastercard is the direct method of paying students aimed at cutting out the middleman. At least that is what Nsfas said in its statement issued by Mr Kagisho Mamabolo. Once the Mastercard is rolled out Nsfas wallets benefits payment method will be the thing of the past.
What Are The Benefits of Nsfas Mastercard?
Speaking to Radio 702 Nsfas CEO Mr Andile Nongogo said that Nsfas is looking for ways to improve its systems so that they are more effective. He added that they will be partnering with some companies to help them deliver smooth benefits to beneficiaries in a more efficient way.
He mentioned Zaga, Norraco and Tenet as Nsfas new partners who will help in the rollout of Nsfas Mastercard.
One of the biggest problems Nsfas is facing when it comes to distribution of benefits to students is fraud. As a result some students never receive their allowances or it reaches them too late. Nsfas also revealed that other payment methods are much easier to hack.
The new Nsfas Mastercard will allow Nsfas beneficiaries to withdraw their allowances at the ATM. Basically the card will work the same way as the bank card. What Nsfas has not provided details on is how it will be issued.
The rollout of the card will be done in phases to prevent the lapse of the system. Nsfas will contact students who are in the first group that will be migrated. This will be done in groups.
Mr Nongogo also told Radion 702 listeners that there will announce an app which can be downloaded by students. The app will make is easier for students to manage their funds in the card.
Students will also receive an SMS each time a transaction is performed on the card. This will also help students to stay informed about their balances and when the allowance is paid.
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