Cellphone banking solution for NSFAS beneficiaries
NSFAS is rolling out the sBux voucher programme, a cell phone banking solution introduced to allow individual students to access allowances on their mobile phones, using a security pin and password to access his/her personal account. Students who qualify for NSFAS loans or bursaries will receive allowances in the form of cell phone vouchers to pay for food, traveling, books and private accommodation. While NSFAS pays tuition fees directly to institutions, allowances for these expenses will be directly given to students via their cellphones, so that they can redeem these vouchers at NSFAS-registered merchants who have signed up on the sBux programme.
“Up to this stage, more than 3 334 merchant outlets have signed in on the sBux programme. These merchants include Shoprite, Boxer, Checkers, Spar, and USave outlets, all of which allow students to redeem their sBux vouchers and buy groceries. Students can also purchase books at registered book merchants using the same process,” said Msulwa Daca, NSFAS Executive Officer.
Students who are accepted on sBux will receive an SMS welcoming them, and will be asked to follow the prompts and enter their ID number in order to be verified, following which they will receive a password. Two days later, funds will be available in their personal accounts for usage. The top ten book suppliers in the country are also registered merchants on the sBux programme. “We will continue looking for ways to improve the disbursement of allowances to students,” Daca said.