Twitter / My NSFAS

Report: NSFAS erroneously sends student R5 billion

The merit of this claim are still being tested.

by Andile Sicetsha

10-02-2020 14:00

in Offbeat

Twitter / My NSFAS

Believe it or not, but according to reports, the National Student Financial Aid Scheme (NSFAS) has, yet again, erroneously sent a student a huge lump sum of cash — R5 billion to be exact.

Did NSFAS really send a student R5 billion?

Social media has been abuzz after screenshots showing a bank notification of a direct deposit totalling R5 billion, allegedly made by NSFAS, went viral.

Nsfas deposited R5 000 000 000 into this one’s bank account.??‍♀️??‍♀️??‍♀️??‍♀️
— Kgadi ya di Tlou ? (@Kgetsa275) February 10, 2020

Nazo??? pic.twitter.com/LV1SWasKw6
— Kgadi ya di Tlou ? (@Kgetsa275) February 10, 2020

The merits of this claim are still being tested and based on the response NSFAS gave to one Twitter user, the transaction is being investigated by the state-owned financial aid scheme.

Hi @Kgetsa275 Please may you DM us the persons details ASAP !!!!! Thanks TQ #NSFASSquad
— NSFAS (@myNSFAS) February 10, 2020

Yes. She comfirmed with the bank and now she went to report it.
— Kgadi ya di Tlou ? (@Kgetsa275) February 10, 2020

This is not the first time NSFAS has been embroiled in a scandal of this nature. In 2017, Sibongile Mani, a student from Walter Sisulu University, was accidentally sent R14 million by the financial aid scheme.

Instead of returning the funds, Mani went on a shopping spree, running through R810 000 in three months, before the scheme detected the error.

She has since been charged with theft and her court case is still ongoing at the East London Magistrate’s Court.

NSFAS extends appeals for financial aid

NSFAS has been dealing with backlash from students whose registration to various tertiary institutions in South Africa have been hampered by their exclusion from the scheme.

According to the funding qualifying criteria for 2019/2020, NSFAS only provides financial support to students whose total household income is R350 000 or less per annum.

The scheme has since opened the appeals process to students who applied for financial aid between September and November 2019. The closing date is on Friday 28 February.