NSFAS Mastercard | What is it? How to get It?

NSFAS is one of the most well-known platforms in South Africa. The National Student Financial Aid Scheme is a government platform in South Africa that provides financial assistance to South African students, helping them to fulfill their basic academic necessities.

Nsfas Mastercard

It offers various bursaries to the students for financial assistance. The students receive funds from NSFAS via bank accounts.

NSFAS has many distributing partners for money transactions, but it recently launched its own Mastercard to facilitate the students by making fund transactions much easier.

The following article contains all the details regarding the NSFAS Mastercard.

NSFAS Mastercard

As I mentioned earlier, NSFAS has many distributing partners for fund transactions. Now the question is, if it already has distributing partners, what is the use of the Mastercard.? Well, I have the answer to your question.

Using the Mastercard provides additional security and strengthens the bursary programs against fraud. Furthermore, the NSFAS Mastercard has become one of the most convenient ways to receive bursaries.

When I first got the NSFAS Mastercard, I thought it differed from other Mastercards, but I was wrong. It works the same as other conventional Mastercards, which means you can use this card in bank accounts to transact money or make online payments.

How Does The NSFAS Mastercard Work?

When transacting money from the NSFAS Mastercard for the first time, I realized that it is not different from a bank card. Hence, I won’t be wrong if I say the NSFAS Mastercard works like a normal bank card.

The primary difference between the online beneficiaries from NSFAS and the Mastercard is that it works like a bank account, keeps track of your funds, and an individual receives occasional updates regarding the account via message, Email, or other platforms.

Do I Need A Bank Account For NSFAS Mastercard?

Since any Mastercard can’t function without a bank account, the NSFAS Mastercard also requires one. You can select any platform from the distributing partners of NSFAS to use the Mastercard. The most prominent among them is Coinvest and a few others. Link your bank account to the Mastercard to make transactions.

How To Register For The NSFAS Mastercard?

To register for the NSFAS Mastercard, you must download its application on your phone. Once done, open the app and register your student number, fill in the required fields with correct information, upload your photo, and provide all required documents. Upon completion, you have to click on Submit.

The bank will assign you a bank number according to your student number and send your card to your address. Once received, you can make transactions from your bank account for online payments or other activities with the help of this Mastercard.

Who Can Use The NSFAS Mastercard?

As I mentioned above, NSFAS is a government platform that provides financial assistance to South African students, facilitating them to manage their beneficiaries. An individual who receives funds from NSFAS can use the Mastercard for easy and convenient transactions.

Conclusion

NSFAS is one of the most well-known financial assistance platforms in South Africa. It has various distributing partners to transact funds in a student’s account. Recently, it launched its Mastercard to provide additional security and strengthen the bursary system against fraud. You can use this Mastercard for easy transactions from the bank account. Read the above article for further details.

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