The NSFAS Mastercard offers several important features and benefits:
Allowance disbursement: The card is directly linked to the student's NSFAS funding, ensuring that their allowances are conveniently loaded onto the card.
Transaction capabilities: Students can utilize the NSFAS bank card for various transactions, including purchases at merchants, online transactions, and cash withdrawals from ATMs. It also allows for electronic fund transfers (EFT) from any bank in South Africa through the NSFAS Wallet.
Prepaid functionality: As a prepaid debit card, students can only spend the available funds on the card, preventing them from going into debt or overdrawing their accounts. Monthly payments are typically processed by the 25th of each month, and beneficiaries receive mobile notifications when funds are deposited into their accounts.
Security measures: The card incorporates security features, such as a personal identification number (PIN), to ensure authorized usage and protect the funds from unauthorized access.
Flexibility and convenience: Students can use the card to manage their educational expenses, such as purchasing textbooks, paying for accommodation, and covering other study-related costs. Most ATMs in South Africa accept the NSFAS Mastercard, and students can also utilize the mobile app of partner institutions to perform EFT transactions.
Budget management: The prepaid nature of the card promotes better control over spending, encouraging students to practice financial responsibility and manage their funds effectively.
Transaction monitoring: Students can receive transaction notifications, such as SMS alerts, which enable them to keep track of their card usage and account balance, providing greater awareness and control over their financial activities.