The New NSFAS Mastercard For Allowances
A big change is on its way for students that are NSFAS beneficiaries. The bursary scheme known as the National Student Financial Aid Scheme (NSFAS) has partnered with Tenet Technology, eZaga, Coinvest and Norraco to provide students with a Mastercard to receive their monthly allowances.
This new NSFAS bank card operates similarly to an official banking card or debit card, like from Standard Bank or FNB.
The NSFAS wallet is being decommissioned and will instead be replaced with a NSFAS Mastercard, which can be used as a payment method for any other living expenses needed, as well as other educational materials. Students will receive their monthly allowances directly through the NSFAS Mastercard.
The Mastercard is a new solution to student allowances, that has a tap-to-pay functionality which allows students to pay for data, airtime, electricity and any other essentials. Students will also have access to their e-Wallet via the Nsfas - Tenetech Student App and can make online transactions via the mobile app.
Other value added services include student beneficiaries being able to swipe or withdraw money from the card, and parents can deposit money to their children as well; very similar to a normal bank card.
The Mastercard will be issued to all NSFAS funded students who will be able to use and swipe it anywhere, and can download the app that goes along with it.
The NSFAS Mastercard also lets students manage their allowances and gives them a sense of financial responsibility and financial freedom.
We have a guide on how to perform EFT transactions, such as how to withdraw cash via NSFAS bank accounts and NSFAS Mastercard mobile app.
Benefits of the NSFAS Mastercard
NSFAS believes that the new direct payment solution will give them greater control over when students receive their allowances while also teaching them financial responsibility.
They added that the NSFAS MasterCard aims to give students access to value-added services, the ability to make online purchases, tap-to-pay functionality and a virtual card to pay securely at retail merchants.
While the NSFAS Mastercard has promised students several benefits, stakeholders have noted their concern as several challenges arose when the new direct payment system was first introduced for university students earlier this year.
How To Withdraw NSFAS Money On The App
- Log into the eZaga mobile app.
- Tap on "Withdraw Zaga".
- Tap on "Nedbank ATM".
- Enter the amount you'd like to withdraw and process.
- A voucher code will be sent to you within an hour.
- If you have not received the voucher code within an hour, dial *120*001 and select "Get Voucher". The code will then be sent to you via SMS.
You can withdraw money from your NSFAS Mastercard from several retailers, participating merchants and ATMs.
Where To Withdraw Your NSFAS Allowances
- Nedbank ATMs
- Pick n Pay stores
- Shoprite stores
- Checkers stores
- Boxer stores
- Usave stores
Who Is Eligible For Funding From the National Student Financial Aid Scheme (NSFAS)?
- You must be a South African citizen
- You should come from a family with a combined household income below R350,000 per year
- If you are disabled, your combined household income should be less than R600,000 per year
- You must have been accepted or provisionally accepted to study at a public university or TVET college for an approved undergraduate qualification
- You should not have previously received funding for the same qualification level, unless you have a specific approved reason for further funding
What Does NSFAS Provide Funding For?
- Tuition fees: NSFAS covers the cost of tuition fees, which are the fees charged by the educational institution for the courses or programmes chosen by the student. They will also cover the cost of registration fees.
- Accommodation: Funding may be provided to cover the costs of on-campus or off-campus accommodation, including residence fees, rental costs or hostel fees.
- Meals: NSFAS may offer financial assistance for meal allowances or meal plans to ensure that students have access to adequate and nutritious food while studying.
- Prescribed books and study materials: The scheme can provide funding for the purchase of required textbooks, study guides, and other educational materials essential for the student's programme of study.
- Personal care allowance: Some students may receive an additional allowance to assist with personal care items, such as toiletries, clothing and other essential personal expenses.
- Travel Allowance: In certain cases, NSFAS may provide financial assistance for transportation costs to and from the educational institution, particularly for students living far away from their campuses.
What Does NSFAS Do?
NSFAS is the largest government financial aid programme in South Africa established to provide funding and support to financially disadvantaged students pursuing higher education.
It was created to enable students from low-income backgrounds to access tertiary education and alleviate the financial burden associated with tuition fees, living expenses, accommodation and study materials.
The bursary scheme provides various financial assistance to eligible South African students enrolled in universities, TVET colleges and other public higher education institutions. The programme covers a range of undergraduate courses and qualifications.
Overall, the NSFAS Mastercard allows beneficiaries to have more control over their finances, as well as receive their monthly payments faster and easier.
NSFAS Mastercard Service Providers
NSFAS teamed up with four financial technology service providers to bring the new payment solution to students. Students are required to register with the partner allocated to their university or TVET college before they receive their NSFAS bank card.
Tenet Technologies will provide services to students at the Cape Peninsula University Of Technology, University Of KwaZulu Natal, University of Venda, University of Pretoria, University of Witwatersrand and Walter Sisulu University.
Students attending Rhodes University, Sefako Makgatho Health Science University, Stellenbosch University, University of Cape Town, University of Mpumalanga and University of South Africa must register with Coinvest.
Norraco has been tasked with paying allowances directly to students enrolled at theCentral University Of Technology, Mangosuthu University Of Technology, Nelson Mandela University, North West University, University Of Fort Hare, University Of Johannesburg And University Of Western Cape.
Ezaga will distribute allowances to students registered at Durban University Of Technology, Tshwane University Of Technology University Of Free State University Of Limpopo University Of Zululand and the Vaal University Of Technology.
Where To Collect Your NSFAS Mastercard
Students who completed the NSFAS bank account onboarding process with the relevant service provider will be issued a physical and a virtual NSFAS Mastercard. Students can collect their physical NSFAS Mastercard at the institution they attend.
How To Contact NSFAS
Prospective students who need to contact NSFAS for any inquiries or assistance can use several different methods to contact the financial aid scheme.
You can reach out to them via email at [email protected] or connect with them through social media on Facebook at "National Student Financial Aid Scheme," on Twitter at "@myNSFAS," and on Instagram at "@myNSFAS."
Alternatively, you can use WhatsApp by adding their number +27 78 519 8006 to your contacts. Another quick way to access their services is through USSD by dialing 12067327#.
These various contact channels ensure that you can easily reach out to NSFAS for any inquiries or assistance you may need regarding student financial aid. For quick access to their services, you can also use the USSD code 12067327# on your mobile device.
