Nsfas Mastercard is being introduced by the National Students Financial Aid Scheme as a new direct payment method. The NSFAS Mastercard will be issued to all beneficiaries who receive monthly allowances from the scheme.
The NSFAS Mastercard will have a bank account number linked to it and there will be a third party financial service provider that will run and manage the service.
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NSFAS Mastercard Benefits
The Mastercard comes with some benefits to all beneficiaries who will migrate to this direct payment option. Here are some of the benefits:
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- Access to the value-added service
- Value for money negotiated rates
- Banking freedom
- Online purchases and transactions
- Mobile App that can be downloaded to perform EFT transactions
- SMS notifications whenever a transaction is performed
- The NSFAS Mastercard is pin enabled to protect the holder
- Allowances payment dates certainty
The NSFAS Mastercard is introduced with the intention to give beneficiaries advanced control of their money while they are learning financial responsility.
This is a big change for students, there are plans in place to prepare them and equip them with the necessary tools to navigate this new journey with ease.NSFAS Spokesperson Kagisho Mamabolo said in a statement issued on 28 August 2022
Students did not waste time but asked a number of questions on the Mr Mamabolo Twitter account:
Why is there nothing said about the inflation in SA and food price hikes, students need an increase in allowances from what they’re currently getting, groceries don’t event last a month, asked one Twitter user.
Another user asked: Its not even necessary. The banks are already there. Why do you need to spend hundreds of millions every year on plastic cards when that money can be used to fund more missing middle students?
Speaking to Radio 702 NSFAS CEO Mr Andile Nongogo added that this Mastercard will have added value to students who receive NSFAS allowances.
“It also comes with a lot of value-added benefits for our beneficiaries because, I think, part of it is what we are trying to do as part of what we call the ‘beneficiary centered model’ is getting value for our students, not just in monetary terms, but in making sure that even how we support them to, ultimately, get that qualification, there’s value in the process,” said Mr Nongogo.
NSFAS Mastercard Requirements
There are no new requirements for NSFAS beneficiaries to receive the mastercard. All beneficiaries who receive funds for NSFAS will be issued a mastercard. The scheme will announce the date for the issuing of the new mastercard.
According to the scheme Chief Executive Officer, Mr Andile Nongogo, NSFAS Mastercard comes with a lot of value-added benefits since it is a ‘beneficiary centered model’ aimed at getting value students it supports. He added that the approach is to make sure that while supporting beneficiaries to get their qualification, there’s value in the process.
NSFAS mastercard is much safer in that it seeks to eliminate fraud and syndicates who hack the system with the aim of redirecting monies to their accounts.
Speaking to Radio 702 Mr Nongogo highlighted that there are international syndicates who are hacking the TVET wallet system. This is much easier because they only need to get hold of the beneficiaries number to redirect funds.
Nongogo said that they believe that the NSFAS mastercard will do away with fraud because there will be fewer service providers in the system.
NSFAS Partners To Make It Possibe For Its Mastercard
The agency also announced that it is partnering with reputable companies to make it possible for the Mastercard to be rolled out. Here are its partners:
Coinvest
- Zaga
- Norraco
- Tenet
NSFAS Mastercard Charges
The view of the scheme is that this option will eliminate charges in between which makes it much cheaper for NSFAS to distribute the money.
How To Apply For NSFAS Mastercard?
We will be providing a details guide on how to apply for the Mastercard. More details are coming on Monday.
NSFAS Mastercard Online Payment
It is understood that the NSFAS Mastercard will allow beneficiaries to be able to perform online payments. At the moment students who receive their allowances are not able to may payments online. This will surely be of great stride for NSFAS because there is a number of learning items that are sold online and currently student are not able to use their NSFAS allowances to buy these.
NSFAS Master Card Will Gather Important Data
According to the agency, the NSFAS Mastercard will help in data gathering wich is important when it comes to decision making. When it comes to negotiating deals on behald of students, data collected from activities of beneficiaries will help the agency.
Who Qualifies For NSFAS Mastercard Funding
It is understood that the card will be issued to all beneficiaries who receive monies from the agency. What will still be clarified is if the new applicants for 2023 academic year will be issued the card from the onset.
In order to qualify for NSFAS funding you must meet the following requirements:
- You must be a South African citizen
- All SASSA grant recipients who are enrolled students qualify for NSFAS Mastercard
- Enrolled students whose combined household income is not more than R350 000 per annum
- Enrolled students with disability: Combined household income must not be more than R600 000 per annum
NSFAS is still going to communicate more details about the NSFAS Mastercard as the year unfolds.