Following several complaints from students who have been unable to receive their bursary allowances from the National Student Financial Aid Scheme (NSFAS), the bursary scheme has devised and introduced a new way to make allowance payouts.
Some of the issues students encounter simply heighten their financial strains. Students are given their allowances under the current cell phone-based voucher system by the higher learning institutions they are registered with.
Due to this, it is currently unknown when students will receive their allowances, and they would also likely not be paid out on time. Through the NSFAS MasterCard, the National Student Financial Aid Scheme (NSFAS) is launching its new direct payment option for student allowances.
This Mastercard will function similarly to a bank card without the inconvenient middleman. It can be used everywhere a normal bank card would be used to make purchases.
In a more thorough discussion about the issue, NSFAS CEO Andile Nongogo said that the Mastercard is a component of the bursary scheme's beneficiary model, which aims to provide value for students.
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-centred model'. It's 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.
During the initial period of the card's introduction, students can use it for each transaction that a bank card can be used for. This will be done to maximise the deals NSFAS can negotiate for students.
This period will also serve as a means for NSFAS to collect information about the purchases students make. The system will also use the information gathered to determine which restrictions should be put in place to stop students from purposefully abusing the card.
NSFAS has also stated that they will be paying allowances directly to students from the end of September 2022. The card will be deactivated once a student completes their studies, or once NSFAS withdraws their funding.
