NSFAS stands for the National Student Financial Aid Scheme, which is a South African government agency responsible for providing financial assistance to eligible students to help them pay for their tertiary education. The scheme provides bursaries to students from disadvantaged backgrounds who are enrolled in universities, TVET colleges and other higher education institutions.
To qualify for NSFAS funding, students must meet certain eligibility criteria, including being a South African citizen or permanent resident, coming from a disadvantaged family background and meeting the academic criteria set by the institution they are enrolled in. The funding provided by NSFAS covers tuition fees, accommodation costs, registration fees, living expenses and other related expenses.
A partnership between Tenet Technology and the National Student Financial Aid Scheme has enabled tertiary students to now receive their monthly allowances using the NSFAS Mastercard.
The experts at Tenet Technology make sure that money is secure and safe. According to NSFAS, students will have control over their allowance, thanks to their cutting-edge banking options.
The bursary scheme has also provided guidelines on how students can sign up for the newly introduced bank card upon receiving it.
How to activate NSFAS Mastercard:
- The SMS will contain an SMS with a link to download the Smartphone App.
- Download the Tenetech Student App.
- Register your student number.
- Fill out and complete your personal details.
- Upload a photo of your SA ID to securely verify that it is you.
- Upload a selfie while holding your SA ID to further verify yourself.
- A bank account number will be assigned to your student number.
- A bank card will be delivered to you at your college or university
The card’s PIN should always be kept private, therefore students are advised to write it down or keep it with them at all times. Additionally, they are urged to use the card without disclosing any personal information.
Students should also double-check their receipts to make sure they are accurate after making purchases. Every month, students are also urged to verify their bank statements to make sure the charges on their accounts are accurate.
NSFAS also stated students should keep in mind that not all students are not going to receive the card at the same time and that, at the moment, students need to wait for an SMS saying that they’ll be receiving their allowances through the NSFAS MasterCard before signing up or activating it.
The partnership between the NSFAS and Mastercard has provided significant support to South African students who rely on financial assistance to further their studies. The introduction of the NSFAS Mastercard allowance system has enabled students to access their funds conveniently and securely and has reduced the need for them to carry cash.
The system has also helped to promote financial inclusion and has provided students with valuable financial management skills. Overall, the NSFAS Mastercard allowance system has been a positive development in the provision of financial aid to South African students.
