Walter Sisulu University, in Eastern Cape region, said a big mistake was made in June while issuing students loans. The company which issues students funding unknowingly transferred 14 million rands into young women account instead of $107. She was supposed to get for her food allowance officially on Wednesday.
Media reported a South African young student has spent the cash on clothes, party, and also bought a new smart phone by spending 800,000 rands of money. As university mistakenly deposits $1million money to her account in error.
The university spokeswoman Yonela Tukwayo said “The error was only discovered on Monday after the matter was reported to us by another student,” Tukwayo told the student whose name can’t be disclosed already spend 800,000 rands that are $61,250 of money by the time we recognized the mistake.
The rest of the money was taken back from her account while the University probes how the error occurred. The resources of South Africa’s National Student Financial Aid Scheme, which funds students from poor background often battles to meet the demand for loans applications from students. South African Students have engaged in violent protests demanding free university education in past two years.