NSFAS Mastercard: Helpful Guide to Access your NSFAS Bank Card 2023

NSFAS Mastercard Guide.

The NSFAS Mastercard refers to a prepaid debit card issued by NSFAS (National Student Financial Aid Scheme) to its beneficiaries. It is a card provided to students who receive financial aid from NSFAS, allowing them to receive their allowances and make transactions related to their studies.

The NSFAS mastercard serves as a means for students to access their allocated funds and offers convenience and security in managing their finances. 

Benefits of the NSFAS mastercard

NSFAS-Mastercard. Image source: NSFAS

Here are some key features and uses of the NSFAS mastercard:

  • Allowance disbursement: The card is linked to the student’s NSFAS funding, and their allowances are directly loaded onto the card.
  • Transaction capabilities: Students can use the NSFAS bank card for various transactions, including making purchases at merchants, online transactions, and withdrawing cash from ATMs. The NSFAS Mastercard is a bank account, and you can receive an EFT from any bank in South Africa. Check out NSFAS Wallet.
  • Prepaid functionality: The card is a prepaid debit card, meaning that students can only spend the funds available on the card and cannot go into debt or overdraft. NSFAS anticipates that monthly payments will be processed by the 25th of each month. Beneficiaries will be notified via mobile phone when funds are deposited into their accounts.
  • Security measures: The card typically includes security features such as a personal identification number (PIN) for authorized usage, protecting the funds from unauthorized access.
  • Flexibility and convenience: Students can use the card to manage their expenses related to their education, such as purchasing textbooks, paying for accommodation, or covering other study-related costs. Most ATMs in South Africa accept your NSFAS mastercardStudents can download the allocated partner’s mobile app and perform EFT transactions. 
  • Budget management: The prepaid nature of the card allows students to have better control over their spending and encourages financial responsibility.
  • Transaction monitoring: Students may receive transaction notifications, such as SMS alerts, to keep track of their card usage and account balance.

NSFAS mastercard partners

The National Student Financial Aid Scheme (NSFAS) is introducing its new direct payment solution for student allowances, through the NSFAS MasterCard. 

All NSFAS-funded students will be provided with a MasterCard and a bank account where monthly allowances will be disbursed directly every month.

In the past, NSFAS has partnered with various financial institutions, such as Standard Bank, to issue bank cards to eligible students. These bank cards function as a means of accessing the funds disbursed by NSFAS. 

Students can use the bank card to withdraw funds, make purchases, and manage their financial aid.

The following are the distributing partners of the NSFAS mastercard.

Coinvest NSFAS

Coinvest Africa is a multi-disciplinary fintech group whose aim is to transform lives, create opportunity and empower society through technology. Choose an NSFAS Student Account if you are a registered NSFAS Student. 

How to register a coinvest nsfas account

To register a coinvest nsfas account, 

  1. Navigate to the coinvest nsfas account registration page
  2. Click on sign up. 
  3. Enter your NSFAS ID number and click “Next“.
  4. Follow the processes and register your account.


eZaga has partnered with a fully-secured, global centralized exchange Digital Financial Exchange (DIFX) to deliver digital solutions to drive social change in low-income communities across Africa and other emerging markets. eZaga provides tools and services to enable people to transform their lives with the mobile technology they already own.

eZaga presents you with your own NSFAS MasterCard in partnership with NSFAS. Here are some of the benefits of ezaga NSFAS account.

  • Money Transfer: Send money cheaper and easier than old-school banks.
  • Easy to use: Access your account on the eZaga App or USSD *120*1109#
  • Bill Payments: Pay all your bills via the eZaga app.
  • Withdraw: Withdraw cash using your NSFAS Mastercard at any ATM or retail store.

How to register your eZaga NSFAS account

When registering your eZaga NSFAS Account, follow the steps below: 

  1. Navigate to ezagaportal.online/nsfas or download the eZaga app.
  2. Enter your ID number and click “Continue”.
  3. Enter your address and security question & Answer.
  4. Take a clear picture of your latest ID document (Front image of ID).
  5. Take a picture of you holding your latest ID document under your chin.
  6. Await approval SMS. eZaga will send an approval SMS with your account number.
  7. Collect and activate your eZaga NSFAS bank card at your campus.

If you encounter problems, WhatsApp eZaga or Call on 086 999 0927, and they’ll kindly assist you.

How to reset your eZaga NSFAS card pin with USSD *120*1109#

  1. Dial *120*1109#
  2. Enter your account password.
  3. Option 8 (Card).
  4. Option 3 (Reset Pin).
  5. Enter the current PIN from the SMS.
  6. Now reset your ATM PIN.

How to do EFT from your eZaga NSFAS account

EFTs can be processed using both the eZAGA online portal and the Mobile APP.

  1. Login to the eZaga App.
  2. On the home screen tap on “Pay Recipient”.
  3. Under “Select beneficiary” tap on the magnifying icon.
  4. Tap on the “Send to New Beneficiary” icon on the right.
  5. Add the beneficiary details and tap on “Add” to save.
  6. Under “Select beneficiary” tap on the magnifying icon and choose your beneficiary and amount.

View the video tutorial below on how to create a mobile beneficiary on the eZaga app.

How to create a mobile beneficiary on the eZaga app

Norraco NSFAS

Norraco Corporation is a South African-based Fintech specializing in providing cutting-edge technology solutions in the payments and banking industry. 

The company was formed by a group of professionals having a vast experience in Information Technology and extensive exposure in the Financial Services sector.

Norraco is one of the partners of NSFAS Mastercard. With Norraco physical cards, NSFAS beneficiaries have access to;

  • All NPS ATMs.
  • All NPS POS’s.
  • 3rd party App (Zapper, Snapscan, Uber Eats, etc.).
  • Value Added Services.

Norraco NSFAS registration

To register a new Norraco NSFAS account, 

  1. Navigate to the Norraco NSFAS login page at transact.norraco.co.za.
  2. Click on “I’m New”.
  3. Enter your ID Number.
  4. Select where you want to receive your OTP.
  5. Follow the processes to register your Norraco NSFAS account.


Now your student allowance can be paid directly to you. Tap to pay, your funds, whenever and wherever you need them.

The Tenet NSFAS MastercardTM means you can tap to pay. Your money is safe and secure thanks to the experts at Tenet Technology. With their innovative banking solutions, you are in control of your life and your finances.

Through the Nsfas-Tenetech Student App, students can also access their e-Wallet. A student can swipe or withdraw money from the card, and a parent can deposit money as well. 

How to register for tenet nsfas mastercard

Here is a step-by-step Student Sign-Up for the Tenet NSFAS Mastercard.

  1. Navigate to tenetnsfas.co.za/auth/landing.
  2. Or download the Nsfas-Tenetech Student App.
  3. Click on Sign up.
  4. Next, enter your ID Number.
  5. Complete your personal details.
  6. Upload a photo of your SA ID to verify it’s you.
  7. Upload a selfie while holding your SA ID to further verify yourself.
  8. An NSFAS bank account number will be assigned to your student number.
  9. An NSFAS bank card will be distributed to you at your college campus.

Key points regarding the NSFAS bank account

As part of the digital transformation at NSFAS, all NSFAS beneficiaries at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card as of the 2023 academic year.

This 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 amount of funds to be disbursed.

With the estimated number of NSFAS-funded students at 900,000, not all these students will be onboarded onto the new payment system immediately, NSFAS will pilot this solution with a set number of students first, following which the full roll-out will occur in a phased-in approach.

In the end, all NSFAS-funded students should receive their allowances and transact through the NSFAS Bank Account.

To guarantee a pleasant student experience and that student allowances are used for what they are intended for, NSFAS took precautionary measures, and the system will be secure and easy to use.

Here are the key points regarding the NSFAS Bank Account:

  1. Introduction of NSFAS mastercard: Beneficiaries at universities and TVET colleges will receive their allowances and transact through the NSFAS mastercard.
  2. Phased roll-out: Initially, a set number of students will be onboarded onto the new payment system as part of a pilot. The full roll-out will occur in a phased-in approach.
  3. Enhanced student experience: The new system aims to address challenges with the current allowance payment method and provide a more efficient and secure solution.
  4. Secure and easy to use: The system will be secure and easy for students to use. It will include both physical and virtual cards for transactions.
  5. Restrictions on transactions: The new system will have the ability to restrict transactions to allowable commodities, ensuring that student allowances are used appropriately.
  6. Value-added services: Students will receive third-party customer rewards as part of the value-added services offered through the new payment solution.
  7. Compliance with data protection: The use of student data will be in line with the Protection of Personal Information Act (POPIA) to ensure privacy and data security.
  8. Support services: There will be a call center facility and various query resolution mechanisms available to support students nationwide.
  9. Personal details management: Students will be able to capture, validate, and update their personal details securely through a validation mechanism.
  10. Regulatory compliance and fraud prevention: The solution meets financial sector regulatory standards, enabling payment control and flagging accounts in cases of fraud or other events such as death.
  11. Transaction visibility: Students will have complete visibility of all transactions and balances associated with their NSFAS Bank Account.

For more specific details and updates regarding the implementation of the NSFAS Bank Account, it is recommended to visit the official NSFAS website or contact NSFAS directly for the latest information.

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