The National Student Financial Aid Scheme (NSFAS) MasterCard will finally be available to university students in July 2023. The financial aid scheme is implementing its new payment solution at the same time.
The NSFAS scheme will directly pay allowances to students who have registered for their NSFAS bank accounts in July 2023.
As of June 2023, NSFAS will directly pay allowances through its bank account to NSFAS beneficiaries.
NSFAS pay students July month
The NSFAS provides comprehensive bursaries to financially disadvantaged students enrolled in approved programmes at public universities throughout South Africa. Students will be reimbursed for their tuition and registration fees by NSFAS.
Several allowances are also provided to students funded by NSFAS. They include an accommodation allowance, a living allowance, and an allowance for learning materials. It is possible to receive a transport allowance even if you do not receive an accommodation allowance.
Students were previously paid allowances by universities and service providers. The NSFAS will pay students’ allowances directly in 2023, thereby ending this practice.
Payment Solution
With the new direct payment solution, NSFAS will be able to control when students receive their allowances. Students will be able to access value-added services, make online purchases, use tap-to-pay functionality, and receive a virtual card to pay securely at merchants with the NSFAS MasterCard.
Students living with disabilities will receive their NSFAS allowances from their institution, not their university’s service provider.
Student allowances will be paid by the institution on behalf of disabled students.
NSFAS partnered with several service providers to provide students with this new payment solution. It will be necessary for students to register with a service provider according to their university.
