NSFAS has made a big change and launched a new system where students can make cashless withdrawals using the new NSFAS Mastercard. Here is everything you need to know about the process.
The New NSFAS Mastercard For Allowances
The National Student Financial Aid Scheme (NSFAS) has partnered with Tenet Technology, eZaga, Coinvest and Norraco to provide students with a Mastercard to receive their monthly allowances, which operates similarly to an official banking card or debit card, like from Standard Bank or FNB.
The NSFAS wallet is being decommissioned and replaced with a Mastercard, which can be used to pay for any essentials needed. Students will receive their monthly allowances directly to the Mastercard.
The Mastercard has a tap to pay functionality that allows students to pay for data, airtime, electricity and any other essentials. Students will also have access to their e-Wallet via the Nsfas – Tenetech Student App and make online transactions via the mobile app.
Students can swipe or withdraw money from the card, and parents can deposit money to their children as well.
The Mastercard will be issued to all NSFAS funded students who will be able to use and swipe it anywhere, and can download the app that goes along with it. The NSFAS Mastercard also gives students a sense of financial responsibility, financial freedom and teaches them how to manage their finances and budget wisely.
We have a guide on how to withdraw money using cardless withdrawal on the eZaga app.
How To Withdraw NSFAS Money On The App
- Log into the eZaga mobile app.
- Tap on “Withdraw Zaga”.
- Tap on “Nedbank ATM”.
- Enter the amount you’d like to withdraw and process.
- A voucher code will be sent to you within an hour.
- If you have not received the voucher code within an hour, dial *120*001 and select “Get Voucher”. The code will then be sent to you via SMS.
You can withdraw money from your NSFAS Mastercard from several retailers, participating merchants and ATMs.
Where To Withdraw Your NSFAS Allowances
- Nedbank ATMs
- Pick n Pay stores
- Shoprite stores
- Checkers stores
- Boxer stores
- Usave stores
Who Is Eligible For Funding From NSFAS?
- You must be a South African citizen
- You should come from a family with a combined household income below R350,000 per year
- If you are disabled, your combined household income should be less than R600,000 per year
- You must have been accepted or provisionally accepted to study at a public university or TVET college for an approved undergraduate qualification
- You should not have previously received funding for the same qualification level, unless you have a specific approved reason for further funding
