The National Student Financial Aid Scheme (NSFAS) just made a big announcement about how they’re giving out money. They say don’t use the old NSFAS Payment Black Card anymore. Instead, they’re switching to a new way through their own bank.
NSFAS Stops Black Cards For TVET Students
If you’re a student at a TVET college and you get help from NSFAS, now you can choose your own bank account to get your money. It’s easy just go online to your myNSFAS account and tell them your bank details.
NSFAS Mastercard Registration 2024
Now students have to register themselves and get the NSFAS Virtual and Physical Mastercard from the institution. Student gets their monthly allowances in their master’s. Now they can easily buy books and stationery online by transferring money from Mastercard.
Eligibility Criteria
Students who fall on these criteria are eligible for the Mastercard;
- The student must be a South African Citizen.
- A person is registered at a recognized South African tertiary institution.
- Students must apply and qualify for NSFAS allowances.
How to apply for an NSFAS Mastercard?
For the Mastercard application you have to follow these steps;
- After the application approval, you receive a message on your registered mobile number. The message contains the download link to a smartphone app.
- Download the Tenetech Student App. That is particularly designed for students to manage their NSFAS account.
- Open your Tenetech app and register yourself by Student ID.
- Fill in all your personal details that are required. Enter the correct information for a smooth verification process.
- Upload a clear image of your SA ID (South Africa identity) card.
- Now upload a selfie with your SA ID card. To verify that the ID belongs to the same person who is registering for Mastercard right now.
- After your identity verification, a unique bank account number is assigned to you. This number is connected to your Mastercard for funds receiving.
- You can get your master’s card from your college or university.
- Check NSFAS Payment Schedule.
Note: NSFAS registered some of the colleges and universities with Tenetech. So the registered list of colleges and universities students can register and get their card.
Where to get Mastercard?
A student who completes all the registration processes and successfully registers on the NSFAS Bank. Such students receive two cards; one Virtual and one physical. You get your virtual card on your NSFAS account whereas the physical card is sent to your institution. So you can collect your card from the institution that are you attending. You can read the procedure of NSFAS Student Portal.
Benefits of Mastercard
After registering for NSFAS Bank students can get a virtual or physical card and enjoy the following benefits;
- Students can easily withdraw cash from any bank ATM or the nearby retail store.
- Electronic money transfer is also possible like other banks.
- Now Students can purchase from online stores and make transactions online.
- Students also get a virtual card that has a “Tap to play” functionality.
- EFT transactions are also performed by downloading the mobile app of other allocators.
- Every card has its own personal number which makes the card unique and secure.
- Cardholders also track the remaining balance, and transactions from different ways like mobile apps, USSD, WhatsApp, and landline numbers.
- After each transaction, you receive a message about the transaction.
Besides all these benefits NSFAS still tries to contact the user or students by sending emails and messages. So that they download the app and enjoy the benefits as well.
NSFAS and Tenotech have become partners and introduced the Mastercard. That benefits the students. It’s a secure way of transaction with the security code (password). Students just have to register and enjoy the Mastercard benefits. Now Online shopping is also easy for Students. Even the virtual card is also given to students.