A recent announcement by the government bursary scheme aims to ensure students have better access to their allowances. The bursary scheme hopes this solution will allow students greater control over their money.
The National Student Financial Aid Scheme (Nsfas) will distribute allowances via a new MasterCard direct-payment solution. The scheme will begin paying Nsfas allowances via MasterCard at the end of September 2022.
These cards will replace the Nsfas Wallet payment platform currently used by Technical and Vocational Education and Training (TVET) College students.
Nsfas CEO Andile Nongogo says the MasterCard platform provides students with the flexibility of a regular bank card and ensures they get value for money.
Nongogo adds that the payment solution will be open for an initial period to allow Nsfas to gather data on how students use the cards. Nsfas will look to understand how students spend their money so that they can negotiate optimised deals for students.
They will also consolidate the data to determine if any restrictions need to be introduced to prevent students from intentionally abusing the card.
“You need to gain and obtain empirical evidence about what students spend on, not just necessarily to restrict, but also to know, from our perspective, what deals do we negotiate for them,” explained the CEO.
Not every student will have access to the Nsfas MasterCard when it is introduced later this month. Students will be contacted individually by Nsfas when they are moved onto the new payment platform.
Once they are contacted, they will need to follow the steps listed below to get their Nsfas Mastercard.
How to Get Your Nsfas MasterCard
Step 1:
Visit eZaga’s Website www.ezaga.co.za/nsfas/ Or Download the eZaga App
Step 2:
Enter your ID number and temporary password
Step 3:
Enter OTP (One Time Pin) received via your email address
Step 4:
Capture your Information.
Step 5:
Capture a clear image of yourself holding your ID and a clear image of your ID
Step 6:
Wait for an approval SMS
Step 7:
Once your account is approved, a bank card will be distributed at your campus.
The Nsfas MasterCards will be deactivated if a student completes their studies or if Nsfas withdraws their funding.
