The National Student Financial Aid Scheme (NSFAS) has announced that starting from the 2023 academic year, all its beneficiaries both at universities and TVET colleges will start receiving their allowances and transacting through the NSFAS bank card. This is a significant move aimed at preventing fraudsters from stealing student allowances.
For many students, the NSFAS allowance is a lifeline that helps them to cover their daily living expenses such as accommodation, food, and transport. Unfortunately, there have been cases where fraudsters have intercepted the payments and stolen the money meant for the students. This has left many students in a precarious financial situation, struggling to make ends meet.
To combat this problem, NSFAS has introduced a new payment system that will ensure that all beneficiaries receive their allowances safely and securely. The NSFAS bank card will be issued to all students and will be used to make all payments. This means that students will no longer have to worry about fraudsters stealing their money.
However, it is important for students to take advantage of this opportunity and ensure that they receive their NSFAS bank cards as soon as they are available. They should also take steps to safeguard their bank cards and avoid sharing their personal information with anyone. This includes their PIN, login details, and other sensitive information.
Read More : NSFAS 2023 Bank Account Onboarding
Furthermore, students should also take the time to familiarize themselves with the new payment system and how it works. This will help them to avoid any potential confusion or problems when it comes to accessing their allowances. They should also keep track of their expenses and ensure that they only use their allowances for their intended purpose.
The introduction of the NSFAS bank card is a positive step towards ensuring that students receive their allowances safely and securely. However, it is important for students to play their part by taking the necessary steps to protect themselves from fraudsters. By doing so, they can ensure that they are able to make the most of their NSFAS allowances and focus on their studies without financial worries.
Source : NSFAS