To hasten the transmission of student allowances, the NSFAS Mastercard was just recently introduced. But will they be required to pay bank fees if they use it for transactions? The bursary program has the following to say about it.
The National Student Financial Aid Scheme (NSFAS) recently launched the NSFAS Mastercard to make it easier for tertiary students to pay their bursary payments. During that time, the bursary program made it clear that it would work similarly to a regular bank card.
However, given that NSFAS is the provider of the card, it also begs the question of whether or not students will pay additional bank fees when using the card for regular purchases.
Fortunately for NSFAS-funded students, the card will not include bank charges when students use the bank card for cash withdrawals or making purchases.
The introduction of the NSFAS Mastercard forms part of a collaborative partnership between Tenet Technology and the National Student Financial Aid Scheme to enable tertiary students to now receive their monthly allowance using the NSFAS Mastercard.
The bursary scheme’s decision came months after complaints surfaced regarding delays in processing allowances for August. Nsfas also shared that student allowances for August 2023 are currently being processed.
Additionally, according to NSFAS, students should be aware that not all of them will receive the card at once and that, for the time being, they must wait for an SMS informing them that their allowances will be paid through the NSFAS MasterCard before registering or activating it.