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WENDY MOTHATA ||
ALL National Student Financial Aid Scheme (NSFAS) beneficiaries at University and TVET colleges will start receiving allowances and transacting via the NSFAS bankcard in 2023 academic year.
The financial aid scheme said the new payment solution will alleviate challenges experienced through the current allowance payment method as well as appropriately cater for the ever-increasing number of beneficiaries and large amounts of funds to be disbursed.
The scheme said that the new payment system is secure and will protect beneficiaries from the increasing number of fraudulent activities that result in allowances not reaching the intended recipients.
The President of the South African Union of Students, Lubabalo Ndzoyiya, has affirmed the students’ full support of the new direct payment system, indicating that it is long overdue.
“We have been long requesting that NSFAS removes the middleman in its processes and offerings to simplify students’ lives. And this is a step in the right direction,” said Ndzoyiya.
It has become so easy to access your allowances, you can now withdraw money using the cardless withdrawal option by dialling the*134*7772# USSD code. #NSFASMasterCard#NSFAS2023 pic.twitter.com/jRamzCtWs0
— NSFAS (@myNSFAS) November 23, 2022
NSFAS CEO Andile Nongogo officially introduced the new allowance payment system for NSFAS beneficiaries which will see them get paid through a NSFAS bank account.
“With the current payment system, students are at times confined to certain transactions and purchases; the new system will give them financial freedom, such as withdrawals at ATMs and till points at retail stores as well as access to virtual transactions,” said Nongogo.
Nongogo said that the new system will eliminate the middleman and enable NSFAS to take accountability in cases where payments are not made to beneficiaries on time.
“We are not saying that NSFAS will transform into our ideal scheme overnight, however NSFAS is taking the necessary steps to ensure that the Student-Centered Model is realised,” said Nongogo.
The President of the South African Technical Vocational Education and Training Student Association, Sphiwe Khumalo said that he hopes the new system will be able to empower the students through its alignment with the 4th industrial revolution.
“We will not distance ourselves from this system as it has always been our wish for students to get their allowances directly and that they should be able to transact online, this will eliminate the risks of students losing cash or getting robbed,” said Khumalo.
NSFAS said it is in contact with various retail stores and other state entities to create a platform for students to walk in at their facilities.
“The new payment system is secure and will protect beneficiaries from the increasing number of fraudulent activities that result in allowances not reaching the intended recipients.”
Wits Masters student Andile Nkambule said that the new payment method will be convenient for most of the students.
“The new payment system will be convenient to most of the students. The good thing about it is that you get allowances directly into the bank account. What is exciting is that you can make online transactions and purchases,” Nkambule said.
However, University of Johannesburg student Martha Themba said she has read about the new card but still needs clarity on questions she has.
“I tried reading up about it. There are things I don’t understand. With this card it looks like not all students will be eligible to have it.”
-INSIDE EDUCATION
