How to Activate Your NSFAS MasterCard, NSFAS has introduced a new payment method. Students may now use NSFAS Mastercards to tap to pay for any essentials needed. Here is how to activate the NSFAS Mastercard.
The Mastercard has a tap-to-pay feature which 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.
Besides paying for monthly essentials, students will also be able to withdraw cash, without paying any bank fees, at participating merchants. Students may sign up for the card by downloading the allocated partner’s mobile app.
How to activate NSFAS Mastercard
Step 1:
SMS “Activate” followed by a space then the last 4 digits of your card to 31571.
Step 2:
Receive your PIN via SMS. Memorise your PIN, then delete the SMS.
Step 3:
Your card will be activated when you receive your first NSFAS bursary payment into the card.
NSFAS Mastercard Service Providers
NSFAS teamed up with four financial technology service providers to bring the new payment solution to students. Students are required to register with the partner allocated to their university or TVET college before they receive their NSFAS bank card.
Tenet Technologies will provide services to students at the Cape Peninsula University Of Technology, University Of KwaZulu Natal, University of Venda, University of Pretoria, University of Witwatersrand and Walter Sisulu University.
Students attending Rhodes University, Sefako Makgatho Health Science University, Stellenbosch University, University of Cape Town, University of Mpumalanga and University of South Africa must register with Coinvest.
Norraco has been tasked with paying allowances directly to students enrolled at theCentral University Of Technology, Mangosuthu University Of Technology, Nelson Mandela University, North West University, University Of Fort Hare, University Of Johannesburg And University Of Western Cape.
Ezaga will distribute allowances to students registered at Durban University Of Technology, Tshwane University Of Technology University Of Free State University Of Limpopo University Of Zululand and the Vaal University Of Technology.
Where To Collect Your NSFAS Mastercard
Students who completed the NSFAS bank account onboarding process with the relevant service provider will be issued a physical and a virtual NSFAS mastercard. Students can collect their physical NSFAS mastercard at the institution they attend.
Benefits of the NSFAS Mastercard
NSFAS believes that the new direct payment solution that is the NSFAS bank account will give them greater control over when students receive their allowances while also teaching them financial responsibility.
They added that the NSFAS MasterCard will give students access to value-added services, the ability to make online purchases, tap-to-pay functionality and a virtual card to pay securely at retail merchants.
While the NSFAS mastercard has promised students several benefits, including financial responsibility, stakeholders have noted their concern as several challenges arose when the new direct payment system was first introduced for university students earlier this year.
Where To Withdraw Your NSFAS Allowances: You can withdraw your NSFAS allowances from the following locations:
- Nedbank ATMs
- Pick n Pay stores
- Shoprite stores
- Checkers stores
- Boxer stores
- Usave stores
Who Is Eligible For Funding From NSFAS? To be eligible for funding from NSFAS, you must meet the following criteria:
- Be a South African citizen.
- 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.
- Have been accepted or provisionally accepted to study at a public university or TVET college for an approved undergraduate qualification.
- Should not have previously received funding for the same qualification level, unless you have a specific approved reason for further funding.