The National Student Financial Aid Scheme (NSFAS) has had its fair share of problems, but a current battle is with a few issues related to the payment of allowances, creating a string of frustrations from beneficiaries.
To correct this situation, NSFAS worked on an alternative and secure plan which will see students receiving their allowances through a Mastercard, which operates similarly to a bank card.
"As you are all aware, there has been issues related to the payment of NSFAS allowances such as illegal access to, possible payment of ghost beneficiaries, incorrect and duplicate payments," reads a tweet from NSFAS' official Twitter page.
From now on, the financial aid scheme will begin paying NSFAS allowances via this MasterCard from the end of September 2022.
The new direct-payment solution implemented will grant its student beneficiaries the ability to have better control and access to their promised funds through the card system.
These cards will replace the NSFAS Wallet payment platform currently used by Technical and Vocational Education and Training (TVET) College students.
NSFAS sought an alternative, secure and student-centred approach, which is where the creation and implementation of a bank card comes in.
NSFAS CEO, Andile Nongogo, says the MasterCard platform will provide students with the flexibility of a regular bank card and ensures they get "value for money."
The payment solution will be open for an initial period to allow NSFAS the time to gather data on how students use the cards and spend their money, so that student deals can be negotiated.
NSFAS has embarked on a drive to move a selected group of beneficiaries onto the new allowance payment method, with the plan of rolling it out to all beneficiaries in 2023 through a phased approach.
NSFAS has partnered up with four banks to bring this solution to life, namely:
- eZaga
- Tenetech
- Norraco
- Coinvest
RELATED: NSFAS Consent Form Available For Download
