In 2023, the National Student Financial Aid Scheme (Nsfas) will no longer be making use of the Nsfas wallet to provide Nsfas allowances to TVET College students. So what's next?
The Nsfas wallet was seen an account of some sort where students create accounts so that they are able to receive Nsfas allowances from Nsfas and withdraw those Nsfas allowances at registered merchants. Nsfas wallet is used at 44 of the 50 TVET Colleges in the country.
The current state of Nsfas wallet is that it's in a "close out cool off period", as said by a Nsfas representative during a Nsfas webinar with the National Youth Development Agency (NYDA).
With it being decommissioned, it's good to know that student won't be left dry. Instead, Nsfas wallet would be replaced by the new Nsfas mastercard. Currently, students’ current balances from the Nsfas wallet are being migrated to the new Nsfas card.
Onboarding processes are currently happening at institutions. Students can also onboard themselves online.
The Nsfas card will be issued to every Nsfas beneficiary and they would then be able to use and swipe it anywhere. Transactions and transfers to and from people is possible.
An application for the Nsfas mastercard will also be made available.
