30 August 2017

South Africa: WSU Student Accidentally Receives R14 Million NSFAS Deposit, Spends a Lot

Photo: Supplied
Receipt for a Walter Sisulu University student who accidentally received a R14 million deposit from the National Student Financial Aid Scheme.

A Walter Sisulu University student who accidentally received a whopping R14m pay-out from the National Student Financial Aid Scheme has already spent about half a million of it, the university confirmed on Tuesday.

"I can confirm that she received R14m into her Intellicard account," said university spokesperson Yonela Tukwayo.

"I can also confirm that the student is liable for every cent," said Tukwayo.

She explained that Intellicard, which facilitates the student payments, should have detected the blunder immediately after it was made earlier this year.

The university is meeting the company who handled the payment on Tuesday afternoon to receive a report on the matter and is also conducting its own forensic investigation.

Tukwayo said the student had reported it to the university, but had allegedly spent R500 000 of it in the past five months.

In the meantime, Intellicard blocked her account.

Tugwayo said that the overpayment is currently having no effect on the payment of loans to other students, but it still needs to determine how it will affect future payments.

Comment was not immediately available from the student at the university's East London campus.

Source: News24

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