University students will finally be able to use their National Student Financial Aid Scheme (NSFAS) MasterCard to make transactions in July 2023. This is as the financial aid scheme continues the implementation of its new payment solution.
Students around the country who have registered for their NSFAS bank account will receive their allowances directly from the financial aid scheme in July 2023.
NSFAS beneficiaries will receive allowances directly from NSFAS as of June 2023 through the NSFAS bank account.
NSFAS provides comprehensive bursaries to financially disadvantaged students enrolled in approved programmes at public universities around South Africa. NSFAS will pay a student’s tuition and registration fees.
Students funded by NSFAS also receive several allowances. These allowances include an accommodation allowance, a living allowance and a learning material allowance. Students who do not receive the accommodation allowance may receive a transport allowance.
Previously, Universities and service providers paid allowances to students. However, this will no longer be the case as NSFAS will pay allowances directly to students in 2023.
NSFAS explained that the new direct payment solution will give them greater control over when students receive their allowances. They explained that the NSFAS MasterCard will 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 merchants.
It's important to note that students living with disabilities will receive their NSFAS allowances from the institution they attend and not the service provider for their university.
Allowances for disabled students will be paid through the institution.
NSFAS partnered with several service providers to bring the new payment solution to students. Students will be required to register with a service provider based on the university they attend.
