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Nsfas wants university to urgently recoup R14m deposit

The Walter Sisulu University is investigating how the money was paid into the student’s account, through a company that administers Nsas funds.

A receipt from a grocery store showing a balance on a Walter Sisulu University student's account of more than R13 million. Picture: Supplied.

JOHANNESBURG - The National Student Financial Aid Scheme (Nsfas) has asked the Walter Sisulu University management to urgently recoup the R14 million which was mistakenly deposited into a student’s account.

The university is also investigating how the money was paid into the student’s account, through a company that administers National Student Financial Aid Scheme funds.

It appears that officials became aware of the matter when the young woman’s receipt showing a multi-million rand balance was posted on social media.

It’s understood that the deposit was made five months ago and the student has already spent about R400,000 of the money.

Nsfas spokesperson Kagisho Mamabolo says this has never happened before.

“We are shocked by this and as I said it’s a process that’s not managed by the university. The university has nothing to do with Nsfas at the moment.”

Meanwhile, the university’s Yonela Tukwayo says they are also looking into how merchants allowed the student to purchase luxury items.

“Because according to the rules, merchants can only allow students to buy food from specific grocery stores and books from selected book stores.”

LISTEN: Can WSU get back R14m mistakenly deposited into student’s account?

INCIDENT AN 'EYE-OPENER' FOR NSFAS

It's now emerged that the student who mistakenly received the money from Nsfas spent close to a R1 million in less than three months.

It emerged on Tuesday through social media that the young woman received the millions on her student card.

On Wednesday morning the university confirmed it's investigating the erroneous transaction.

It had initially said the money was deposited five months ago and the student spent R400,000.

But in a statement, administrative company IntelliMali has disputed this, saying the money was in fact deposited in June and more than R800,000 was spent.

Meanwhile, Nsfas spokesperson Kagisho Mamabolo says this has been an eye opener for them.

“It also re-emphasises the opportunity that we have had to fully roll out the student centred model system which centralises the payment of the funds from Nsfas directly to the student so that we can eliminate any other human error.”

(Edited by Zamangwane Shange and Zinhle Nkosi)