Earlier this year, the National Student Financial Aid Scheme (Nsfas) announced that funded students will soon receive a Nsfas MasterCard. These cards are set to replace the Nsfas Wallet payment platform currently used by Technical and Vocational Education and Training (TVET) College Students
This MasterCard will be linked to a bank account and is expected to give students more control over their money while also providing them with improved security features.
MasterCard is a global technology company that provides payment products and infrastructure to complete transactions between consumers and businesses.
Nsfas funded beneficiaries receive monthly allowances towards either food, transport and other living expenses; the new solution will help students manage their finances sustainability and also teach them financial responsibility.sk
The new direct payment solution from Nsfas means that allowances will be sent to the students through their Nsfas MasterCard. However, not every student will have access to the Nsfas MasterCard when it is introduced later this year.
Students will be contacted individually by Nsfas when they are moved onto the new payment platform.
They are reminded that if they receive an SMS or any other form of correspondence from Nsfas, they will not be required to provide their Nsfas passwords, ID number or personal information.
If you are asked for personal details, It’s not Nsfas. Please be alert.
Students who have questions regarding the new Nsfas MasterCard are encouraged to visit their colleges' on-campus financial aid office.
