The National Student Financial Aid Scheme (Nsfas) will launch a Nsfas Mastercard for all students who are receiving allowances from the scheme. It is believed that these cards will have greater functionality than the current Nsfas cards.
Mastercard is a global technology company that provides payment products and infrastructure to complete transactions between consumers and businesses.
Nsfas said all their beneficiaries will be provided with a Mastercard and a bank account into which all their monthly allowances will be deposited. They added that this new solution will be done with the assistance of third-party financial services providers.
This will allow students to access value-added services and enjoy value-for-money negotiated rates. Students will also be able to use a Tap-to-Pay and even download mobile applications to perform EFT transactions.
They will also receive an SMS after a transaction was made with their Nsfas Mastercard. The cards will contain a pin which will make it difficult for non-owners to use the card.
“Nsfas funded beneficiaries receive months 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” explained the scheme.
The scheme will reveal further details about the new Nsfas Mastercard in the coming days.
